04:00 PM EDT, 03/12/2026 (MT Newswires) -- Financial stocks were lower late Thursday afternoon, with the NYSE Financial Index dropping 1.8% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.4%.

The Philadelphia Housing Index was down 2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 0.6%.

Bitcoin (BTC-USD) was up 0.1% at $70,252, and the yield for 10-year US Treasuries gained 6.5 basis points to 4.27%.

In economic news, oil prices climbed after Iran's new supreme leader, Mojtaba Khamenei, issued his first public message, warning that the Strait of Hormuz will remain closed as a "tool of pressure," CNN reported. Higher oil prices will likely result in a stronger core and headline consumer price index in the coming months, with the near-term impact concentrated on the pass-through from gasoline prices, Macquarie said in a Wednesday note.

In corporate news, Morgan Stanley (MS) and Cliffwater have put a ceiling on withdrawals from their private credit funds after redemption requests exceeded the allowed amount, Bloomberg reported. Morgan Stanley shares fell 4.2%.

Blue Owl Capital (OWL) said its recent $1.4 billion loan sale from three funds was completed on standard market terms, with no backstops, hidden incentives, or special treatment for buyers, Bloomberg reported. Separately, Blue Owl's private credit funds are facing scrutiny after Glendon Capital Management warned investors of hidden losses and misrepresented valuations, the Financial Times reported. Blue Owl shares were down 4.4%.

Deutsche Bank ( DB ) shares dropped past 6% after the company said in its annual report that it has about 26 billion euros ($30 billion) in exposure to private credit, an asset class facing rising scrutiny as investors pull back and concerns grow about loan quality.

Blackstone (BX) has revived plans to sell an office building in London's Canary Wharf district for more than 250 million British pounds ($333.7 million), the Financial Times reported. Blackstone shares were down 4.9%.