03:33 PM EDT, 04/07/2025 (MT Newswires) -- Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index dropping 1.2% and the Financial Select Sector SPDR Fund (XLF) down 0.8%.

The Philadelphia Housing Index was falling 3.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 2.6%.

Bitcoin (BTC-USD) fell 1.3% to $78,589, and the yield for 10-year US Treasuries jumped 17 basis points to 4.16%.

In economic news, President Donald Trump said Monday that he plans to impose an additional 50% tariff on China if the country fails to withdraw the retaliatory tariff it had announced last week on the US. "Additionally, all talks with China concerning their requested meetings with us will be terminated!" Trump wrote in a message on Truth Social.

Separately, Trump will veto the proposed bipartisan legislation that would limit his ability to impose tariffs on imports, Axios reported Monday.

In sector news, BlackRock (BLK) Chief Executive Larry Fink said Monday the US economy is probably already in a recession and that the stock markets could fall another 20% before finding a bottom, multiple reports said, citing an interview with The Economic Club of New York.

Wells Fargo Investment Institute lowered its 2025 target level for the S&P 500 and cut earnings estimates for companies of the index to reflect a US economic slowdown amid an aggressive tariff policy.

The leaders of some of the world's top banks held a call on Sunday to discuss the impact of Trump's tariffs on financial markets and the global economy, Sky News reported Monday. Those who took part in the call included Bank of America (BAC) Chief Executive Brian Moynihan, Barclays (BCS) CEO C. S. Venkatakrishnan, and HSBC (HSBC) CEO Georges Elhedery, along with executives from Citigroup (C) and JPMorgan Chase (JPM), the report said.

In corporate news, CoStar ( CSGP ) said that it appointed Louise Sams as board chair, effective immediately. Sams has been on the company board since 2019. CoStar ( CSGP ) also entered into support agreements with D. E. Shaw and Third Point. Its shares rose 4.6%.