Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks rose in late Tuesday afternoon trading, with the NYSE Financial Index up 0.2% and the Financial Select Sector SPDR Fund (XLF) adding 0.7%. The Philadelphia Housing Index rose 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 0.2%. Bitcoin (BTC-USD) eased 2.1% to $61,910, and the yield for 10-year US Treasuries was little changed at 4.03%. In economic news, the US international trade deficit narrowed to $70.43 billion in August from a $78.92 billion gap in July, compared with the $70.5 billion gap expected in a survey compiled by Bloomberg. The National Federation of Independent Business' small business optimism index rose to 91.5 in September from 91.2 in August and 90.8 a year earlier. In corporate news, American Express (AXP) shares fell 1.8% as HSBC downgraded the company's stock to hold from buy, with a $270 price target. Separately, BTIG downgraded the company to sell from neutral on "unachievable" expectations, with a price target of $230. OneMain (OMF) shares dropped 2.6% as Barclays downgraded the company's stock to equalweight from overweight and adjusted the price target to $46 from $52. Ares Management (ARES) shares dropped 3.7% after the company said it agreed to buy the international business of GLP Capital Partners and some of its affiliates for $3.7 billion in cash and stock. Robinhood (HOOD) shares jumped past 10%. The company said Monday it plans to host its first investor day on Dec. 4.