01:47 PM EDT, 06/25/2025 (MT Newswires) -- Financial stocks were declining in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the Financial Select Sector SPDR Fund (XLF) down 0.3%.

The Philadelphia Housing Index was falling 1.8%, and the Real Estate Select Sector SPDR Fund (XLRE) was dropping 1.4%.

Bitcoin (BTC-USD) was increasing 1.4% to $107,279, and the yield for 10-year US Treasuries was rising 1.9 basis points to 4.31%.

In economic news, Federal Reserve Chair Jerome Powell returned to Capitol Hill on Wednesday for his congressional testimony before the Senate Banking, Housing, and Urban Affairs Committee. 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, Powell told the panel.

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 Wednesday. The market composite index, which measures loan application volume, rose 1.1% on a seasonally adjusted basis for the week ended June 20, following a 2.6% decrease the week prior. Without adjustments, the index fell 10%.

New home sales in the US fell more than projected in May as prices increased, government data showed Wednesday. Single-family home sales slid nearly 14% sequentially to a seasonally-adjusted annual rate of 623,000 units last month, according to the Census Bureau and the Department of Housing and Urban Development. The Bloomberg-poll consensus was for a 6.7% drop based on the unrevised April print.

In corporate news, Nasdaq (NDAQ) and the New York Stock Exchange are in ongoing 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 were fractionally down.

UBS (UBS) is merging its mergers and acquisitions unit with its sponsor advisory group as part of its restructuring plans, according to internal memos from UBS Head of Global Banking Javier Oficialdegui, UBS confirmed to MT Newswires. UBS shares rose 0.3%.

TPG (TPG) and Aquarian have emerged as final bidders for Brighthouse Financial ( BHF ) , the Financial Times reported. TPG shares were shedding 1.3% and Brighthouse was down 0.9%.

First Financial Bancorp ( FFBC ) will get an opportunity to drive greater scale and boost its presence in northeast Ohio with its proposed acquisition of Westfield Bancorp, RBC Capital Markets said in a note. First Financial shares were easing 0.3%.