01:56 PM EDT, 03/20/2024 (MT Newswires) -- Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index adding 0.2% and the Financial Select Sector SPDR Fund (XLF) up 0.1%.

The Philadelphia Housing Index was increasing 0.5%, while the Real Estate Select Sector SPDR Fund (XLRE) was down 0.5%.

Bitcoin (BTC-USD) was down 1.1% to $64,142, and the yield for 10-year US Treasuries was decreasing 1.7 basis points to 4.28%.

In economic news, the US Federal Reserve will announce its rate decision at 2 p.m. ET, followed by Chair Jerome Powell's press conference at 2:30 p.m.

Mortgage applications fell for the first time in three weeks as rates across most loan types rose, following February's stronger-than-expected inflation print, the Mortgage Bankers Association said Wednesday. The market composite index, which measures loan application volume, fell 1.6% for the week ended March 15.

In corporate news, UP Fintech ( TIGR ) shares tumbled past 10% after the company reported its Q4 earnings.

Equinix ( EQIX ) shares fell 4.4% as short seller Hindenburg published a report saying the company manipulated its accounting for adjusted funds from operations, a key profitability metric for real estate investment trusts.

Citigroup ( C ) is cutting about 20 positions at its investment banking division in London amid a slump in global dealmaking, Bloomberg reported Wednesday. The bank's shares were rising 1%.