03:15 PM EST, 12/18/2024 (MT Newswires) -- Financial stocks were sliding in late Wednesday afternoon trading, with the NYSE Financial Index falling 1.5% and the Financial Select Sector SPDR Fund (XLF) dropping 1.2%.

The Philadelphia Housing Index declined 2.1%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 2.6%.

Bitcoin (BTC-USD) slumped 3.9% to $101,561, and the yield for 10-year US Treasuries jumped 9 basis points to 4.48%.

In economic news, the Federal Reserve's monetary policy committee lowered its benchmark lending rate by 25 basis points, marking a third straight cut since the central bank pivoted to policy easing in September. The Federal Open Market Committee reduced interest rates to a range of 4.25% to 4.50% from 4.50% to 4.75%, in line with Wall Street's expectations.

November housing starts fell by 1.8% from the previous month to a 1.289 million annual rate, below expectations compiled by Bloomberg for a 1.34 million rate after a decrease to a 1.312 million pace in October.

In sector news, the US Consumer Financial Protection Bureau has issued a warning to credit card companies that devaluing or canceling rewards points, cash back, or miles earned by cardholders may violate federal law, Reuters reported.

In corporate news, Apollo Global Management ( APO ) is in talks to buy GFL Environmental's (GFL) environmental services division for $8 billion, The Globe and Mail reported. Apollo shares fell 2.6% and GFL popped 2.8%.