03:52 PM EDT, 04/30/2024 (MT Newswires) -- Financial stocks fell in late Tuesday afternoon trading with the NYSE Financial Index down 1% and the Financial Select Sector SPDR Fund (XLF) declining 0.8%.

The Philadelphia Housing Index slumped 2%, and the Real Estate Select Sector SPDR Fund (XLRE) dropped 1.7%.

Bitcoin (BTC-USD) tumbled 4.3% to $59,910, and the yield for 10-year US Treasuries jumped 7.8 basis points to 4.69%.

In economic news, the Employment Cost Index, a leading indicator of wage growth closely watched by Fed policymakers, rose 1.2% quarter over quarter in March, up from 0.9% in the previous print and ahead of the 1% consensus forecast.

In corporate news, BlackRock's ( BLK ) Saudi Arabian unit and Saudi Arabia's Public Investment Fund have a memorandum of understanding for BlackRock ( BLK ) to set up a multi-asset investment platform in Riyadh, PIF said. BlackRock ( BLK ) shares fell 0.5%.

Merchants Bancorp ( MBIN ) shares gained 2.7%, a day after the company reported better-than-expected Q1 results.

XP (XP) shares fell 3.2% after Goldman Sachs downgraded the company's stock to neutral from buy and cut the price target to $23 from $30.

OneMain ( OMF ) shares gained 2.6% after the company reported Q1 results and increased the quarterly dividend.