Sector Update: Financial Stocks Fall Late Afternoon

03:56 PM EDT, 09/16/2026 (MT Newswires) -- Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index falling 1.8% and the State Street Financial Select Sector SPDR ETF (XLF) dropping 2.3% The Philadelphia Housing Index shed 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1%. Bitcoin (BTC-USD) decreased 0.4% to $75,280, and the yield for 10-year US Treasuries rose 1 basis point to 5.01%. In economic news, the Federal Open Market Committee raised the target range for its federal funds rate to 3.75% to 4.00% Wednesday on a 12-0 vote, while projections suggest another rate hike is possible this year. "Inflation remains elevated," the FOMC said in its statement. "Today's policy action will support a timelier return to the Committee's 2% goal. The Committee will deliver price stability." Median expectations in the Summary of Economic Projections now show a further rate hike this year, as the median expectation was adjusted up to 4.1% from 3.8% in the previous update in June, reflecting both Wednesday's action and expectations for a further increase. In other economic news, US retail sales rebounded more than expected in August as higher fuel prices lifted spending at gasoline stations and outlays on motor vehicles turned positive. Mortgage applications in the US declined last week as the 30-year fixed rate reached its highest level since May 2025, the Mortgage Bankers Association said. US homebuilder confidence this month hit its lowest level since September 2025 amid elevated mortgage rates and material costs, the National Association of Home Builders and Wells Fargo said. In corporate news, BlackRock (BLK) plans to work with corporate clients to create customizable 401(k) investment funds that can include public stocks and bonds, private assets, and annuities, the Wall Street Journal reported. BlackRock shares were down 2.5%. KKR (KKR) has emerged as the top bidder for Logoplaste, a packaging maker based in Portugal, Bloomberg reported. KKR shares fell 3.2%. American Savings Bank (ASBH) shares rose over 5% in their debut on the New York Stock Exchange. CoinShares (CSHR) said Wednesday that its shareholders approved all resolutions put to them at Tuesday's extraordinary general meeting, including authority to buy back up to 25% of its outstanding ordinary shares and adoption of the 2026 equity incentive plan. CoinShares shares rose 1.3%.