03:59 PM EDT, 06/25/2025 (MT Newswires) -- Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index decreasing 0.7% and the Financial Select Sector SPDR Fund (XLF) losing 0.4%.

The Philadelphia Housing Index dropped 1.7%, and the Real Estate Select Sector SPDR Fund (XLRE) slid 2.3%.

Bitcoin (BTC-USD) increased 1.6% to $107,717, and the yield for 10-year US Treasuries was little changed at 4.29%.

In economic news, the possibility that the Trump administration's tariff plans may result in more persistent inflation is a large enough risk for the central bank to be careful in considering interest rate cuts, Federal Reserve Chair Jerome Powell said Wednesday in testimony before the Senate Banking, Housing, and Urban Affairs Committee.

New home sales in the US fell more than projected in May as prices increased, government data showed.

Mortgage applications in the US rebounded last week due to a rise in refinancing of Federal Housing Administration loans, even though interest rates increased, the Mortgage Bankers Association said.

In regulatory news, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. issued a joint notice of proposed rulemaking to modify the enhanced supplemental leverage ratio, applicable to the eight global systemically important banks.

In corporate news, Launch One Acquisition ( LPAA ) and Minovia Therapeutics agreed to combine to create a mitochondrial therapy company that will operate as Mito US One and is expected to be listed on Nasdaq. Launch One shares fell 0.4%.

Nasdaq (NDAQ) and the New York Stock Exchange are in talks with the US Securities and Exchange Commission to ease regulatory requirements for public companies to attract more high-value startups to go public, Reuters reported. Nasdaq shares rose 0.1%.

UBS (UBS) is combining its mergers and acquisitions unit with its sponsor advisory group as part of its restructuring plans. UBS shares rose 0.7%.

TPG (TPG) and Aquarian emerged as the final bidders for Brighthouse Financial ( BHF ) , the Financial Times reported. TPG shares fell 0.2% and Brighthouse dropped 1.7%.