01:53 PM EDT, 03/14/2024 (MT Newswires) -- Financial stocks fell in Thursday afternoon trading with the NYSE Financial Index dropping 1.4% and the Financial Select Sector SPDR Fund (XLF) off 1%.

The Philadelphia Housing Index slumped 2.6%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 2.2%.

Bitcoin (BTC-USD) dropped 3.1% to $70,890, and the yield for 10-year US Treasuries jumped almost 10 basis points to 4.29%.

In economic news, the US producer price index rose 0.6% in February following a 0.3% increase in January, above the 0.3% gain expected in a survey compiled by Bloomberg.

US retail sales rose 0.6% in February versus the 0.8% increase expected in a survey compiled by Bloomberg and following the previous month's 1.1% decline.

In corporate news, New York Community Bancorp ( NYCB/PU ) recently sold a commercial co-operative loan and a portfolio of consumer loans with a net book value of $899 million as part of efforts to revitalize its balance sheet after identifying material weaknesses with how it assessed loan risks, the bank said. Its shares fell 0.5%.

JPMorgan Chase ( JPM ) is in line for a lead role in the secondary offering of Saudi Aramco shares from Saudi Arabia's royal family, while Bank of America ( BAC ) and Morgan Stanley ( MS ) are also contending, Bloomberg reported. JPMorgan ( JPM ) shares fell 1.5%, Bank of America ( BAC ) shed 1% and Morgan Stanley ( MS ) dropped 0.6%.

KKR (KKR) and Blackstone (BX) are among financial firms discussing a strategy to limit possible penalties by the US Securities and Exchange Commission over disappearing messaging app communications, Bloomberg reported. KKR fell 1.6%, and Blackstone dropped 1.9%.