03:43 PM EDT, 09/05/2024 (MT Newswires) -- Financial stocks were lower in late Thursday afternoon trading with the NYSE Financial Index decreasing 0.5% and the Financial Select Sector SPDR Fund (XLF) dropping 1.1%.

The Philadelphia Housing Index shed 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 0.4%.

Bitcoin (BTC-USD) dropped 2.6% to $56,452, and the yield for 10-year US Treasuries decreased 4 basis points to 3.73%.

In economic news, private payrolls based on ADP Institute's employment report rose by 99,000 in August following a 111,000 rise in July, compared with estimates compiled by Bloomberg for a 145,000 increase.

US initial jobless claims last week fell to 227,000 from an upwardly revised 232,000 in the previous week, compared with expectations for a decrease to 230,000 in a survey compiled by Bloomberg.

The Institute for Supply Management's US services index rose to 51.5 in August from 51.4 in July, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Bank of America ( BAC ) is offering $205 million in exchange for tax credits from Harvestone Low Carbon Partners, an ethanol producer that captures the carbon produced at a North Dakota plant, The Wall Street Journal reported Thursday. Bank of America ( BAC ) shares eased 0.5%.

PayPal ( PYPL ) is providing customers with more ways to pay by allowing them to add their debit cards to Apple's ( AAPL ) Apple Wallet and use it with Apple Pay. PayPal ( PYPL ) shares shed 0.6%, and Apple ( AAPL ) gained 0.8%.

Capital Bancorp ( CBNK ) said Thursday that all required approvals have been received for its merger with Integrated Financial. Capital Bancorp ( CBNK ) shares were easing 0.1%.

Powell Max ( PMAX ) shares were rising 0.5% after the company priced its initial public offering at $4 per share.