-- Financial stocks were higher in Tuesday afternoon trading with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.2%.
The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed 0.5%.
Bitcoin (BTC-USD) increased 0.4% to $74,730, and the yield for 10-year US Treasuries fell 2.3 basis points to 4.27%.
In economic news, the US Producer Price Index rose by 0.5% in March, the same as in February and below the 1.1% gain expected in a Bloomberg-compiled survey. Energy prices jumped by 8.5% in the month after a 2.1% gain in the previous month due to a 15.7% surge in gasoline prices. Excluding food and energy, core PPI edged up 0.1%, below the 0.4% gain forecast and slower than the 0.3% gain reported in February.
The International Monetary Fund now expects 2.3% US economic growth in 2026, a downward adjustment from its 2.4% estimate set out in January and compared with the 2.1% growth reported in 2025. The IMF also revised down its 2026 global growth outlook in its World Economic Outlook update released Tuesday.
In corporate news, Citigroup's (C) Q1 results came in stronger than Wall Street's expectations amid double-digit gains in fixed income and investment banking revenue. The stock rose 3.5%.
Wells Fargo's (WFC) Q1 revenue missed market expectations as Chief Executive Charlie Scharf said there will likely be a lag in the pass-through of higher oil prices. Its shares dropped 4.3%.
JPMorgan Chase (JPM) reported better-than-expected Q1 results on Tuesday, while Chief Executive Jamie Dimon said the US economy remained resilient but warned of an "increasingly complex set of risks," including wars and energy price volatility. JPMorgan shares decreased 0.5%.