Sector Update: Financial Stocks Lower in Late Afternoon Trading

03:58 PM EST, 01/20/2026 (MT Newswires) -- Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index dropping 2.1% and the State Street Financial Select Sector SPDR ETF (XLF) falling 2.2%.

The Philadelphia Housing Index was shedding 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.8%.

Bitcoin (BTC-USD) dropped 3.9% to $89,505, and the yield for 10-year US Treasuries jumped 5.8 basis points to nearly 4.29%.

In economic news, President Donald Trump threatened new tariffs on key European allies that oppose the sale of Greenland to Washington. On Saturday, Trump said that the US will impose 10% tariffs on eight European nations, including Denmark, France, Germany and the UK, effective Feb. 1. These duties will increase to 25% starting June.

In corporate news, Citigroup (C) hired former Paramount Skydance (PSKY) executive Alex Berkett as head of its media unit, The Wall Street Journal reported, citing an internal memo. Citi shares fell 4.3%.

Wells Fargo (WFC) is relocating its wealth-management unit headquarters to West Palm Beach, Florida, Bloomberg reported, citing wealth chief Barry Sommers. Wells Fargo (WFC) shares were down 1.9%.

Mastercard (MA) is exploring a strategic investment in blockchain firm Zerohash after acquisition negotiations ended, CoinDesk reported. Zerohash decided to remain independent, concluding late-stage talks with the credit-card company on a reported bid of as much as $2 billion, the report said. Mastercard (MA) shares fell 1.5%.

US Bancorp (USB) reported stronger-than-expected Q4 results on Tuesday, and the lender said it expects continued revenue growth in 2026. Its shares were down 0.2%.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.