01:09 PM EDT, 10/16/2025 (MT Newswires) -- Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index falling 1.5% and the Financial Select Sector SPDR Fund (XLF) dropping 1.9%.

The Philadelphia Housing Index was down 0.9%, while the Real Estate Select Sector SPDR Fund (XLRE) rose 0.3%.

Bitcoin (BTC-USD) was declining 1.7% to $108,951, and the yield for 10-year US Treasuries dropped 4 basis points to 3.99%.

In corporate news, Western Alliance Bancorp ( WAL ) shares fell more than 9% after it said Thursday it initiated a lawsuit against Cantor Group V in August for alleged fraud related to a note finance revolving credit facility.