Afternoon Market Update (C, ZION, IVZ)

US top financial stocks are rising on strong earnings forecast. The top gainers in the sector are Invesco Ltd IVZ and Zions Bancorporation ZION. Citigroup Inc C also gained after news of the company divesting certain investment businesses hit the market. C now wants to focus on its core operating businesses. US Treasury prices have plunged down, as US stocks gained on an upbeat start to the earnings season. This has driven up long-term yields. The Commerce Department report that indicated an unexpected widening of trade deficit in May also pressurized bonds. Yields on 10-year notes have moved up 1.11% to 3.08%. According to a government report, the US trade deficit in May rose to the highest level in 18 months. As a result of the report released by the Commerce Department, the analysts have lowered their Gross Domestic Product (GDP) expectations for Q2. The report indicated that the deficit rose to $42.3 billion in May, as compared to $40.3 billion in April. Read more from Benzinga's Markets.