03:54 PM EDT, 04/30/2025 (MT Newswires) -- Financial stocks declined in late Wednesday afternoon trading with the NYSE Financial Index dropping 0.9% and the Financial Select Sector SPDR Fund (XLF) falling 0.5%.

The Philadelphia Housing Index rose 1.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was little changed.

Bitcoin (BTC-USD) shed 1.4% to $93,911, and the yield for 10-year US Treasuries dropped 3.2 basis points to 4.149%.

In economic news, US economic growth, measured by gross domestic product, fell by 0.3% in the advance estimate for Q1, following a 2.4% gain in Q4, the US Bureau of Economic Analysis said.

The personal consumption expenditures price index was unchanged in March, matching expectations but decelerating year-over-year to 2.3% from 2.7%. The price index rose by 0.4% month-over-month in February. The core PCE price index, the Fed's preferred inflation gauge, held steady versus the 0.1% gain expected.

In corporate news, Carlyle (CG) and State Street's (STT) asset management arm, State Street Global Advisors, are in talks to introduce a new product for retail investors that combines public and private markets, Bloomberg reported. Carlyle shares fell 2%, and State Street shed 0.9%.

Separately, State Street appointed John Woods as chief financial officer, effective in late August. Woods is currently vice chair and CFO at Citizens Financial (CFG). Citizens Financial shares fell 0.9%.

Banco Bilbao Vizcaya Argentaria's ( BBVA ) 13 billion euro ($14.8 billion) bid for Banco Sabadell was approved by Spain's antitrust agency under strict conditions, Bloomberg reported. BBVA shares fell 2.6%.

Visa (V) reported a "solid" fiscal Q2, buoyed by operating margin expansion and "resilient" consumer spending, Oppenheimer said. Visa shares rose 1%.