03:51 PM EDT, 04/16/2024 (MT Newswires) -- Financial stocks fell in late Tuesday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each shedding 0.4%.

The Philadelphia Housing Index dropped 1.4%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 1.3%.

Bitcoin (BTC-USD) declined 1% to $62,707, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.67%.

In economic news, the IMF said growth in the global economy, including in the US, is expected to be stronger than previously forecast this year, with most indicators pointing to a soft landing, though "numerous challenges" remain.

Fed Vice Chair Philip Jefferson said it would likely be appropriate for the Federal Open Market Committee to hold the current restrictive monetary policy stance in place for longer if inflation remains "more persistent than I currently expect it to be."

US housing starts dropped 15% to a seasonally adjusted annual rate of 1.32 million units in March from February's upwardly revised 1.55 million print, the Census Bureau and the Department of Housing and Urban Development said. The consensus was for housing starts of 1.49 million in a survey compiled by Bloomberg. Annually, starts decreased 4.3%.

US industrial production in Q1 declined 1.8% from a year earlier, the Federal Reserve said. On a monthly basis, industrial production rose 0.4% in March from February, matching market forecasts.

In corporate news, Envestnet ( ENV ) is exploring options, including a potential sale, after receiving takeover interest, Reuters reported Tuesday. The company's shares surged nearly 9%.

Bank of America's ( BAC ) Q1 earnings and revenue fell from a year earlier amid a drop in net interest income, which the bank said will likely hit a trough in the current quarter before rebounding later this year. Its shares tumbled 3.2%.

Morgan Stanley ( MS ) rose 2.9% after the company delivered a surprise increase in Q1 earnings, aided by revenue gains across all operations.

PNC Financial Services Group ( PNC ) reported Q1 adjusted earnings Tuesday of $3.36 per diluted share, down from $3.98 a year earlier. Analysts polled by Capital IQ expected $3.08. Its shares fell 1.7%.