Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.7% and the Financial Select Sector SPDR Fund (XLF) ahead 0.8%.

The Philadelphia Housing Index was falling 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 1%.

Bitcoin (BTC-USD) was declining 2.4% to $76,977, and the yield for 10-year US Treasuries was rising 7.4 basis points to 4.23%.

In economic news, the US is moving forward with an additional 50% tariff on China that brings the total rate of levies on the country to 104%, Bloomberg reported Tuesday, citing an unnamed US official.

In sector news, BlackRock has downgraded US equities to neutral from overweight on a three-month horizon, Bloomberg reported Tuesday, citing an analyst note. The BlackRock strategists said they anticipate "more pressure on risk assets in the near term given the major escalation in global trade tensions."

In corporate news, JPMorgan Chase's (JPM) Campbell Global platform has raised $2.3 billion for new investments, Bloomberg reported, citing Chief Executive John Gilleland. Campbell Global, which specializes in timberland investments, closed $1.5 billion for its Forest Climate Solutions Fund II and raised $800 million via separately managed accounts, the report said. JPMorgan shares rose 2.6%.

Stifel Financial (SF) shares shed 0.5% after the company said it has completed its acquisition of 36 B. Riley (RILY) employee advisers, representing assets under management of about $4 billion. B. Riley shares fell past 6%.

Barclays (BCS) is scaling back its staffing diversity goals in the US while continuing those efforts in other countries, Bloomberg reported. Barclays shares rose 1.3%.