Sector Update: Financial Stocks Edge Lower Late Afternoon

Financial stocks were edging lower in late Tuesday afternoon trading, with the NYSE Financial Index down 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.1%. The Philadelphia Housing Index fell 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.7%. Bitcoin (BTC-USD) was decreasing 0.1% to $63,693, and the yield for 10-year US Treasuries rose 5.8 basis points to 4.54%. In economic news, consumer expectations for one-year US inflation growth jumped to 3.7% in June from 3.5% in the previous month, according to a survey released by the New York Federal Reserve Bank. The print is the highest since September 2023. The US international trade deficit widened to $77.59 billion in May from a revised $54.57 billion gap in April, compared with a wider shortfall of $78.4 billion expected in a Bloomberg-compiled survey. Consumer confidence for July rose from the prior month, with the RealClearMarkets' monthly index rising to 45.5 from 42.5 in June. In corporate news, PennyMac Financial Services (PFSI) shares fell 3.8% after Barclays downgraded the stock to equalweight from overweight and cut its price target to $93 per share from.