01:54 PM EDT, 03/13/2025 (MT Newswires) -- Financial stocks declined in Thursday afternoon trading, with the NYSE Financial Index down 1% and the Financial Select Sector SPDR Fund (XLF) off 0.7%.

The Philadelphia Housing Index was falling 2.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was shedding 1.7%.

Bitcoin (BTC-USD) fell 3% to $80,238, and the yield for 10-year US Treasuries was dropping 4.6 basis points to 4.27%.

In economic news, President Donald Trump threatened to impose a 200% tariff on imports of European alcoholic products in response to retaliatory duties announced by the EU on Wednesday. The US administration's 25% global levies on steel and aluminum imports took effect that day.

The US producer price index remained unchanged in February, compared with an upwardly revised 0.6% increase in January, the Bureau of Labor Statistics said Thursday. The print lagged the 0.3% growth estimate in a survey compiled by Bloomberg.

In corporate news, State Street (STT) will continue to manage a 46 billion-franc ($52 billion) Swiss pension fund after legislators rejected a bid to remove the company and reassert domestic control, according to media reports. State Street shares were down 1.9%.

Wells Fargo's ( WFC ) efforts to improve profitability and satisfy regulatory issues make it an attractive buying opportunity, ahead of an expected lifting of a regulatory order that caps its asset growth, RBC Capital Markets said Thursday. RBC upgraded the bank to outperform from sector perform and reiterated an $80 price target. Wells Fargo ( WFC ) shares were down 0.8%.

Canadian Imperial Bank of Commerce ( CM ) said Thursday that Victor Dodig intends to retire as chief executive and president, effective Oct. 31. The company has named Harry Culham as chief operating officer, effective April 1, and he will succeed Dodig as CEO and president, effective Nov. 1. The company's shares were shedding 1.5%.