03:52 PM EST, 11/07/2024 (MT Newswires) -- Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index shedding 0.7% and the Financial Select Sector SPDR Fund (XLF) falling 1.4%.

The Philadelphia Housing Index was rising 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was adding 1.4%.

Bitcoin (BTC-USD) was gaining 1.2% to $76,655, and the yield for 10-year US Treasuries was dropping 8.9 basis points to 4.34%.

In economic news, the Federal Reserve's monetary policy committee on Thursday reduced its benchmark lending rate by 25 basis points, following a 50-basis-point cut in September. The Federal Open Market Committee reduced interest rates to a range of 4.50% to 4.75% from 4.75% to 5%, in line with a Bloomberg-compiled consensus.

The seasonally adjusted number of initial claims rose by 3,000 to 221,000 in the week ended Saturday, according to the Department of Labor. The consensus was for 222,000 in a survey of analysts compiled by Bloomberg.

In corporate news, CME Group ( CME ) said Thursday its board will extend the contract of Chair and Chief Executive Terry Duffy through the end of 2026. Its shares added 0.6%.

Allstate ( ALL ) is expected to grow its auto policy-in-force by about 3.8% year-over-year in 2025 and around 2% in 2026 due to improved retention rates and an increase in new policies, Morgan Stanley said in a note Thursday. The firm said Allstate ( ALL ) is now one of its top picks, while reiterating an overweight rating on the stock and raising its price target to $228 from $220. Allstate ( ALL ) shares rose 1.2%.

Banco Santander (SAN) said in a regulatory filing Wednesday that its US markets unit is cooperating with the US Securities and Exchange Commission in regard to an inquiry into the use of unauthorized messaging platforms. The bank's shares were rising 1.5%.

Blackstone (BX) is among the suitors showing interest in potentially taking over Ayvens, the French car-leasing business controlled by Societe Generale, Bloomberg reported. Blackstone shares were down 0.3%.