03:35 PM EDT, 06/04/2025 (MT Newswires) -- Financial stocks were softer in late Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 0.3%.

The Philadelphia Housing Index was climbing 1.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.7%.

Bitcoin (BTC-USD) was easing 0.4% to $104,962, and the yield for 10-year US Treasuries dropped nearly 10 basis points to 4.37%.

In economic news, the Institute for Supply Management's US services index fell to 49.9 in May from 51.6 in April, compared with expectations of a rise to 52 in a Bloomberg survey.

ADP Institute's employment report showed a 37,000 rise in private payrolls for May following a 60,000 increase in the preceding month, compared with estimates compiled by Bloomberg for a 114,000 gain.

In corporate news, Jefferies Financial ( JEF ) is roping in Lazard's ( LAZ ) Rich Thomas to lead its activism defense practice globally under a newly created title, Bloomberg reported. Jefferies shares were down 0.2% and Lazard ( LAZ ) fell 1%.