03:47 PM EDT, 10/16/2025 (MT Newswires) -- Financial stocks declined in late Thursday afternoon trading, with the NYSE Financial Index falling 2.1% and the Financial Select Sector SPDR Fund (XLF) dropping 3.1%.

The Philadelphia Housing Index lost 1%, while the Real Estate Select Sector SPDR Fund (XLRE) eased 0.3%.

Bitcoin (BTC-USD) declined 3% to $107,926, and the yield for 10-year US Treasuries dropped 7.4 basis points to 3.97%.

In economic news, US homebuilder confidence rose more than expected this month to the highest since April, despite persistent macroeconomic uncertainty, according to the National Association of Home Builders and Wells Fargo data. The housing market index, which covers new single-family homes, advanced five points to 37 in October. The consensus was for an increase to 33 in a survey compiled by Bloomberg.

In corporate news, Zions Bancorporation (ZION) shares fell nearly 14% after it disclosed a $50 million charge-off, which will be reflected in Q3 earnings. The charge stems from an internal review of two borrowers and their obligators, which uncovered "apparent misrepresentations and contractual defaults," along with other irregularities involving the loan and its collateral, the bank said in a regulatory filing.

Western Alliance Bancorp ( WAL ) shares dropped 12% after the company said it initiated a lawsuit against Cantor Group V in August for alleged fraud related to a note finance revolving credit facility.

Travelers' (TRV) Q3 written premiums fell short of market estimates, although the property and casualty insurer reported Q3 earnings above expectations. The shares dropped 2.9%.

PayPal's ( PYPL ) blockchain partner, Paxos, accidentally minted $300 trillion in PYUSD on Wednesday afternoon due to an "internal technical error," according to Paxos' statement posted on X and transactions showed on Etherscan. The error was swiftly corrected by burning the extra stablecoins, Paxos said. PYUSD or PayPal USD is a dollar-backed stablecoin supported by US deposits and treasuries that can be redeemed on a 1:1 basis for dollars. PayPal ( PYPL ) shares were down 3%.