Sector Update: Financial Stocks Decline in Afternoon Trading Tuesday

Financial stocks were decreasing in Tuesday afternoon trading, with the NYSE Financial Index down 1.2% and the Financial Select Sector SPDR Fund (XLF) off 1.4%.

The Philadelphia Housing Index was falling 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) was shedding 0.1%.

Bitcoin (BTC-USD) slumped 4.4% to $66,469, and the yield for 10-year US Treasuries was 4 basis points lower at 4.43%.

In economic news, Redbook US same-store sales rose by 5.5% from a year earlier in the week ended June 8 after a 5.8% year-over-year increase in the previous week.

In regulatory news, the EU is poised to delay the implementation of rules that impact banks' trading businesses since those activities are global in nature and the bloc's lenders would be disadvantaged by the ongoing wrangling over standards in the US, Bloomberg reported Tuesday.

In corporate news, Mastercard (MA) plans to phase out manual card entry for online payments in Europe by 2030 and adopt e-commerce tokenization alongside click-to-pay and biometric authentication in an attempt to better protect merchants and consumers against fraud. Its shares were falling 0.6%.

Marsh McLennan's (MMC) unit Mercer said Tuesday it has agreed to acquire UK-based pension management firm Cardano. Marsh McLennan shares fell 0.2%.

Rithm Capital (RITM) and Great Ajax (AJX) said Tuesday they have completed their strategic transaction, with Great Ajax entering into a management agreement with a Rithm Capital affiliate to serve as its external manager. Rithm shares were down 1.3% while Great Ajax spiked 5.4%.