03:32 PM EDT, 04/08/2025 (MT Newswires) -- Financial stocks were declining in late Tuesday afternoon trading, with the NYSE Financial Index down 0.8% and the Financial Select Sector SPDR Fund (XLF) easing 0.1%.

The Philadelphia Housing Index was falling 2.6%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 1.7%.

Bitcoin (BTC-USD) was declining 3% to $76,906, and the yield for 10-year US Treasuries was rising 11 basis points to 4.26%.

In economic news, the US is moving forward with an additional 50% tariff on China that brings the total rate of levies on the country to 104%, Bloomberg reported Tuesday, citing an unnamed US official.

In sector news, BlackRock has downgraded US equities to neutral from overweight on a three-month horizon, Bloomberg reported Tuesday, citing an analyst note. The BlackRock strategists said they anticipate "more pressure on risk assets in the near term given the major escalation in global trade tensions."

In corporate news, Banco Santander (SAN) is exploring a potential sale of its majority stake in its Polish unit, among other options, Bloomberg reported. Santander shares were adding 0.6%.