03:40 PM EDT, 05/28/2025 (MT Newswires) -- Financial stocks fell in late Wednesday afternoon trading with both the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) shedding 0.6%.

The Philadelphia Housing Index dropped 2.3%, and the Real Estate Select Sector SPDR Fund (XLRE) eased 0.2%.

Bitcoin (BTC-USD) dropped 1.2% to $107,665, and the yield for 10-year US Treasuries rose 3.2 basis points to 4.481%.

In economic news, mortgage applications in the US fell for the second consecutive week as the 30-year fixed rate for conforming loan balances logged a third straight weekly increase, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, decreased 1.2% on a seasonally adjusted basis in the week ended Friday, following a 5.1% drop in the previous week. Without adjustments, the index retreated 2% on a weekly basis.

The Dallas Federal Reserve's monthly general business services index improved to minus 10.1 in May from minus 19.4 in April, indicating a slower contraction. The move aligns with most regional services data while contrasting with the Kansas City Fed and the S&P Global Flash estimates, which showed expansion.

The Richmond Fed's monthly manufacturing index improved to minus 9 in May from minus 13 in April, as expected in a Bloomberg survey. The gauge indicates contraction along with all regional manufacturing sector readings, while contrasting with expansion signaled in the S&P Global Flash index.

Redbook US same-store sales last week rose by 6.1% from a year earlier after a 5.4% increase in the previous week.

In corporate news, BlackRock ( BLK ) is set to invest in the latest bond issue of messaging app Telegram, which may raise at least $1.5 billion, the Wall Street Journal reported. BlackRock ( BLK ) shares shed 0.8%.

Siebert Financial ( SIEB ) unit Gebbia Media acquired rock music label Big Machine Rock from Big Machine Label Group for an undisclosed amount. Siebert Financial ( SIEB ) shares jumped 9%.

Cantor Fitzgerald agreed to acquire the O'Connor alternatives investment platform from UBS (UBS). UBS shares fell 1.1%.

Global Payments ( GPN ) shares fell 0.7%. The company agreed to sell its payroll business to Acrisure for $1.1 billion.