03:39 PM EDT, 09/02/2025 (MT Newswires) -- Financial stocks dropped in late Tuesday afternoon trading with the NYSE Financial Index falling 1.2% and the Financial Select Sector SPDR Fund (XLF) declining 1.1%.

The Philadelphia Housing Index shed 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) slumped 2%.

Bitcoin (BTC-USD) rose 1.4% to $110,809, and the yield for 10-year US Treasuries gained 5 basis points to 4.28%.

In economic news, the US will appeal a lower court's ruling to the Supreme Court after a decision that most of President Donald Trump's tariffs were illegal.

The Institute for Supply Management's US manufacturing index rose to 48.7 in August from 48 in July, versus expectations for 49 in a survey compiled by Bloomberg.

The S&P Global US manufacturing index was revised downward to 53 in August from a flash reading of 53.3, compared with expectations for no revision in a survey compiled by Bloomberg.

US construction spending fell 0.1% in July, as expected in a Bloomberg survey and following a 0.4% decrease in June.

In corporate news, Block (XYZ) shares fell 4% after BNP Paribas Exane lowered its rating on the stock to neutral from outperform.

Goldman Sachs ( GS ) entered into a collaboration with wealth management firm Elevation Point to offer access to banking and lending, trading, asset management and capital markets capabilities. Goldman shares fell 2.6%.

Air Lease ( AL ) agreed to be acquired by a newly formed entity backed by an investor group including Sumitomo and Apollo (APO) in a deal that values the aircraft lessor at about $7.4 billion in cash, or $28.2 billion including debt. Apollo was shedding 1.1%, and Air Lease ( AL ) rose past 6%.

Blackstone (BX) plans a debt sale of as much as 500 million British pounds ($668.5 million) tied to UK warehouses, Bloomberg reported. Blackstone shares declined 1.3%.