03:29 PM EDT, 04/30/2024 (MT Newswires) -- Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 0.8%.

The Philadelphia Housing Index was falling 1.9% and the Real Estate Select Sector SPDR Fund (XLRE) dropped 1.6%.

Bitcoin (BTC-USD) slumped 4.3% to $59,910, and the yield for 10-year US Treasuries jumped 7.8 basis points to 4.69%.

In economic news, the Employment Cost Index, a leading indicator of wage growth closely watched by Fed policymakers, rose 1.2% quarter over quarter in March, up from 0.9% in the previous print and ahead of the 1% consensus forecast.

In corporate news, BlackRock ( BLK ) is set to receive as much as $5 billion from Saudi Arabia's sovereign wealth fund to build an investment team in the capital of Riyadh and to invest across the Middle East, according to multiple media reports. BlackRock ( BLK ) shares were down 0.7%.