01:30 PM EDT, 05/29/2024 (MT Newswires) -- Financial stocks were in the red in Wednesday afternoon trading, with the NYSE Financial Index dropping 1.1% and the Financial Select Sector SPDR Fund (XLF) off 0.7%.

The Philadelphia Housing Index was falling 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 1.1%.

Bitcoin (BTC-USD) was declining 1.4% to $67,364, and the yield for 10-year US Treasuries jumped 9 basis points to 4.63%.

In economic news, mortgage applications fell as rates rose for the first time in four weeks, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, fell 5.7% for the week ended May 24 on a seasonally adjusted basis, following a 1.9% gain the week before. Without adjustments, the index fell 6.3% on a weekly basis.

Separately, Redbook US same-store sales increased by 6.3% from a year earlier in the week ended May 25 after a 5.5% year-over-year increase in the previous week.

In policy news, the Federal Reserve Bank of Cleveland said it has named Beth Hammack as its next president and chief executive, effective Aug. 21. Hammack, who most recently served as co-head of global financing at Goldman Sachs (GS), will succeed Loretta Mester, whose tenure ends June 30.

In corporate news, Bank OZK ( OZK ) shares tumbled 15% after Citigroup downgraded the stock to sell from buy with a price target of $37.