Financial Stocks Slide Amid Decline in Consumer Confidence

Financial stocks took a hit on Tuesday afternoon trading, with the NYSE Financial Index declining by 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 0.6%. The Philadelphia Housing Index also fell 0.6%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) lost 0.3%. In contrast, Bitcoin's price dipped by just 1% to $83,026.

The decline in financial stocks comes as consumer confidence has fallen according to a measure released by the Conference Board. The September reading came in at 81.9, down from 88.6 in August and below expectations of a rise to 89.0. US job openings also declined in August to 7.079 million, lower than the expected 7.228 million.

In other news, single-family home prices rose by 0.3% nationwide in July, according to the Federal Housing Finance Agency. This was above the expected 0.1% gain and follows a flat reading in the previous month. The Case-Shiller National Home Price index increased by 0.1% in July before seasonal adjustment, with national home prices rising 1.9% year-over-year.

Piper Sandler's shares fell 5.9% after reports emerged that it has been in talks to acquire Perella Weinberg Partners. Fair Isaac (FICO) shares dropped by as much as 26% following a statement from US Federal Housing Finance Agency Director Bill Pulte, who said VantageScore will join the existing FICO classic mortgage pricing grid.