01:53 PM EDT, 05/14/2024 (MT Newswires) -- Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index adding 0.2% and the Financial Select Sector SPDR Fund (XLF) 0.1% higher.

The Philadelphia Housing Index was up 0.4%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.4%.

Bitcoin (BTC-USD) fell 2.5% to $61,355, and the yield for 10-year US Treasuries was dropping 3 basis points to 4.46%.

In economic news, the US producer price index rose 0.5% in April following a downwardly revised 0.1% decline in March, beating the 0.3% gain expected in a survey compiled by Bloomberg.

Separately, Federal Reserve Chair Jerome Powell said Tuesday that restrictive monetary policy may take longer to impact inflation than was expected, requiring the Federal Open Market Committee to keep rates higher for longer. The US economy is performing "very well" with a strong labor market and rising employment and wages, though with some signs of "gradual" cooling, Powell said at the annual meeting of the Foreign Bankers' Association.

In corporate news, StoneCo ( STNE ) shares tumbled almost 10% after its Q1 results fell short of market expectations.

A consortium led by Blackstone (BX) is in talks with Indian food chain Haldiram's for a 75% stake in its snacks business worth up to $8.5 billion, Reuters reported Tuesday. Blackstone shares gained 1.8%.

Paysafe ( PSFE ) shares climbed more than 16% in recent trading after the company overnight reported higher Q1 adjusted earnings and revenue.