03:31 PM EDT, 04/03/2025 (MT Newswires) -- Financial stocks were sharply lower in late Thursday afternoon trading, with the NYSE Financial Index dropping 4.2% and the Financial Select Sector SPDR Fund (XLF) sliding 4.7%.

The Philadelphia Housing Index was falling 5.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 2.7%.

Bitcoin (BTC-USD) was declining 5% to $81,976, and the yield for 10-year US Treasuries dropped 14 basis points to 4.06%.

In sector news, US equity indexes plunged amid concerns that the Trump administration's tariff hike will spark a global trade war and slash economic growth.

In economic news, the Institute for Supply Management's US services index fell to 50.8 in March from 53.5 in February, compared with expectations for 52.9 in a Bloomberg-compiled survey.

In corporate news, Intercontinental Exchange ( ICE ) said Thursday its total average daily volume rose 31% year over year in March. Its shares were shedding 1.4%.