03:56 PM EST, 11/03/2025 (MT Newswires) -- Financial stocks were lower in late Monday afternoon trading with the NYSE Financial Index easing 0.1% and the Financial Select Sector SPDR Fund (XLF) declining 0.4%.

The Philadelphia Housing Index dropped 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.1%.

Bitcoin (BTC-USD) fell 3.2% to $106,951, and the yield for 10-year US Treasuries was slightly higher at 4.11%.

In economic news, the Institute for Supply Management's US manufacturing index slid to 48.7 in October from 49.1 in September, compared with expectations for an increase to 49.5 in a survey compiled by Bloomberg.

The S&P Global US manufacturing index for October was revised upward to 52.5 from a flash reading of 52.2, compared with forecasts for no revision in a Bloomberg poll.

In corporate news, Pine Labs, a digital payments provider backed by PayPal ( PYPL ) and Mastercard ( MA ) , intends to raise up to 39 billion rupees ($439 million) via an initial public offering in Mumbai, Bloomberg reported. PayPal ( PYPL ) and Mastercard ( MA ) shares each fell 1.4%.

Marsh McLennan ( MMC ) faces slowing organic growth and a lack of near-term catalysts amid softening insurance rates and broader economic uncertainty, BofA Securities said, downgrading the stock to underperform from neutral and slashing its price target to $181 from $243. Marsh shares fell 0.5%.

Ares Management ( ARES ) shares jumped 4.6% after the company reported Q3 results that topped Wall Street estimates.