01:25 PM EDT, 05/28/2025 (MT Newswires) -- Financial stocks fell in Wednesday afternoon trading with the NYSE Financial Index down 0.5% and the Financial Select Sector SPDR Fund (XLF) dropping 0.3%.

The Philadelphia Housing Index declined 1.7%, and the Real Estate Select Sector SPDR Fund (XLRE) was little changed.

Bitcoin (BTC-USD) dropped 1.1% to $107,768, and the yield for 10-year US Treasuries rose 3.4 basis points to 4.483%.

In economic news, mortgage applications in the US fell for the second consecutive week as the 30-year fixed rate for conforming loan balances logged a third straight weekly increase, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, decreased 1.2% on a seasonally adjusted basis in the week ended Friday, following a 5.1% drop in the previous week. Without adjustments, the index retreated 2% on a weekly basis.

Redbook US same-store sales last week rose by 6.1% from a year earlier after a 5.4% increase in the previous week.

In corporate news, Cantor Fitzgerald agreed to acquire the O'Connor alternatives investment platform from UBS (UBS). UBS shares dropped 0.7%.