03:49 PM EDT, 05/29/2024 (MT Newswires) -- Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index shedding 1% and the Financial Select Sector SPDR Fund (XLF) off 0.6%.

The Philadelphia Housing Index was falling 1.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 1.2%.

Bitcoin (BTC-USD) was declining 1.3% to $67,425, and the yield for 10-year US Treasuries jumped 8 basis points to 4.62%.

In economic news, the US economy grew at a "slight or modest" pace in most Federal Reserve districts between early-April and mid-May, with no change reported in two districts, according to the Fed's Beige Book report, a summary of economic conditions released Wednesday.

Mortgage applications fell as rates rose for the first time in four weeks, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, fell 5.7% for the week ended May 24 on a seasonally adjusted basis, following a 1.9% gain the week before. Without adjustments, the index fell 6.3% on a weekly basis.

Redbook US same-store sales increased by 6.3% from a year earlier in the week ended May 25 after a 5.5% year-over-year increase in the previous week.

In policy news, the Federal Reserve Bank of Cleveland said it has named Beth Hammack as its next president and chief executive, effective Aug. 21. Hammack, who most recently served as co-head of global financing at Goldman Sachs (GS), will succeed Loretta Mester, whose tenure ends June 30.

In corporate news, JPMorgan Chase ( JPM ) Chief Executive Jamie Dimon told analysts on a call Wednesday that he and the board will "do the right thing" on CEO succession planning, according to a Capital IQ transcript. Dimon said the timetable for him to step down was less than five years. JPMorgan ( JPM ) shares were declining 0.5%.

Nasdaq's (NDAQ) main focus seems to be deleveraging and chances are it could de-risk balance sheet sooner than planned, making room for share buybacks or mergers and acquisitions, Oppenheimer said in a note. Oppenheimer has an outperform rating for Nasdaq with a $72 price target. Nasdaq shares were shedding 0.4%.

Bank OZK ( OZK ) shares tumbled more than14% after Citigroup downgraded the stock to sell from buy with a price target of $37.

HSBC ( HSBC ) completed a deal to sell its Russian unit to Expobank. HSBC ( HSBC ) shares were down 0.7%.