03:56 PM EDT, 05/05/2025 (MT Newswires) -- Financial stocks were lower in late Monday trading, with the NYSE Financial Index easing 0.3% and the Financial Select Sector SPDR Fund (XLF) down 0.4%.

The Philadelphia Housing Index and the Real Estate Select Sector SPDR Fund (XLRE) each shed about 0.1%.

Bitcoin (BTC-USD) fell 1% to $94,609, and the yield for 10-year US Treasuries rose 2.1 basis points to 4.34%.

In economic news, the Institute for Supply Management's US services index rose to 51.6 in April from 50.8 in March versus expectations for 50.3 in a Bloomberg survey.

The S&P Global US services index was revised downward to 50.8 in April from the 51.4 flash reading, compared with expectations of 51.2 in a Bloomberg survey.

In sector news, Michelle Bowman, nominated as the Federal Reserve's top bank regulator, is pushing to review confidential ratings of large US banks after criticizing last year's results that rated the banks poorly, the Wall Street Journal reported.

In corporate news, Howard Hughes (HHH) will receive a $900 million investment from Pershing Square unit, Pershing Square Capital Management, the companies said Monday. Howard Hughes shares added 2.8%.

Ares Management ( ARES ) shares rose 2.7%. The company reported Q1 after-tax realized income that topped Wall Street estimates.

Berkshire Hathaway ( BRK/A ) (BRK.A, BRK.B) shares fell after Warren Buffett announced over the weekend that he would step down as chief executive. The company's Class A and Class B shares dropped past 5%.

JPMorgan Chase ( JPM ) is expected to lead $5 billion in debt financing to back 3G Capital's $9.4 billion planned acquisition of Skechers (SKX), Bloomberg reported. JPMorgan ( JPM ) added 0.2%.