01:34 PM EDT, 06/05/2024 (MT Newswires) -- Financial stocks were decreasing in Wednesday afternoon trading, with the NYSE Financial Index easing 0.1% and the Financial Select Sector SPDR Fund (XLF) marginally down.

The Philadelphia Housing Index was rising 1%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.2%.

Bitcoin (BTC-USD) was increasing 1.3% to $71,432, and the yield for 10-year US Treasuries was dropping 4 basis points to 4.30%.

In economic news, the Institute for Supply Management's US services index rose to 53.8 in May from 49.4 in April, compared with expectations for 51 in a survey compiled by Bloomberg.

Meanwhile, based on ADP Institute's employment report, private payrolls climbed 152,000 in May versus estimates compiled by Bloomberg for a 175,000 jump.

In regulatory news, the US Fifth Circuit Court of Appeals in New Orleans on Wednesday struck down the US Securities and Exchange Commission's rules mandating that hedge funds and private equity firms disclose quarterly fees and expenses to investors, according to media reports.

In corporate news, Riot Platforms ( RIOT ) shares were falling more than 3% as Kerrisdale Capital disclosed a short position in the bitcoin miner.