03:47 PM EDT, 06/25/2025 (MT Newswires) -- Financial stocks were declining in late Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the Financial Select Sector SPDR Fund (XLF) down 0.4%.

The Philadelphia Housing Index was falling 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was dropping 2.1%.

Bitcoin (BTC-USD) was increasing 1.6% to $107,717, and the yield for 10-year US Treasuries was steady at 4.29%.

In economic news, Federal Reserve Chair Jerome Powell returned to Capitol Hill on Wednesday for his congressional testimony before the Senate Banking, Housing, and Urban Affairs Committee. The possibility that the Trump administration's tariff plans may result in more persistent inflation is a large enough risk for the central bank to be careful in considering interest rate cuts, Powell told the panel.

New home sales in the US fell more than projected in May as prices increased, government data showed.

Mortgage applications in the US rebounded last week due to a rise in refinancing of Federal Housing Administration loans, even though interest rates increased, the Mortgage Bankers Association said.

In regulatory news, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. on Wednesday issued a joint notice of proposed rulemaking to modify the enhanced supplemental leverage ratio, or ESLR, applicable to the eight global systemically important banks.

In corporate news, Launch One Acquisition ( LPAA ) and Minovia Therapeutics said Wednesday they have entered into a business combination agreement to create a mitochondrial therapy company that will operate as Mito US One and is expected to be listed on Nasdaq. Launch One shares were down 0.4%.