03:46 PM EDT, 04/10/2024 (MT Newswires) -- Financial stocks were retreating in late Wednesday afternoon trading, with the NYSE Financial Index dropping 2% and the Financial Select Sector SPDR Fund (XLF) shedding 1.4%.

The Philadelphia Housing Index and the Real Estate Select Sector SPDR Fund (XLRE) sank 4%.

Bitcoin (BTC-USD) added 0.4% to $69,386, and the yield for 10-year US Treasuries spiked 19 basis points to 4.56%.

In economic news, the consumer price index rose 0.4% sequentially in March, the Bureau of Labor Statistics said Wednesday, matching February's growth rate, but ahead of the 0.3% consensus, according to a Bloomberg-compiled survey. Annually, the rate accelerated to 3.5% from 3.2% in the previous month, higher than the Street's estimate of 3.4%.

In corporate news, KKR (KKR) is considering selling BMC Software after other private equity firms showed interest in the IT business, Bloomberg reported Wednesday. KKR shares were down 2%.

Banco Santander (SAN) recently hired dealmakers from three rival investment banking firms in the US, Bloomberg reported Wednesday. The bank's shares were down 1%.

Shares of title insurers slumped after Bloomberg reported the Consumer Financial Protection Bureau is considering whether to bar mortgage bankers from charging homebuyers for title insurance that protects lenders. Fidelity National Financial ( FNF ) dropped 8.6%, First American Financial ( FAF ) fell 8% and Stewart Information Services ( STC ) shares lost 7%.

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Switzerland's Federal Council is proposing reforms that would require systemically important banks to hold more capital against their overseas units, Bloomberg reported, citing a report on banking stability. The proposed changes would identify UBS (UBS) as the country's sole globally systemic lender and would target the way it accounts for its overseas subsidiaries. UBS shares fell more than 4% on NYSE.