Finance and Real Estate Sectors Surge on Wednesday

Financial stocks gained ground on Wednesday, with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund (XLF) climbing 0.4%. The Philadelphia Housing Index and Real Estate Select Sector SPDR Fund (XLRE) also advanced, posting gains of 0.8% and 1.8%, respectively.

Financial, Real Estate Sectors Gain Ground on Wednesday

Financial stocks gained momentum during Wednesday's afternoon trading session. The NYSE Financial Index ascended by 0.6%, while the Financial Select Sector SPDR Fund (XLF) rose by 0.4%.

The Philadelphia Housing Index experienced a 0.8% increase, and the Real Estate Select Sector SPDR Fund (XLRE) climbed by 1.8%.

Cryptocurrency, Bond Yields Show Mixed Performance

Bitcoin (BTC/USD) depreciated by 1.1% to $69,164, while the yield on 10-year US Treasuries declined by 4.2 basis points to 4.19%.

Economic News

The Census Bureau released annual revisions to its wholesale inventory data on Wednesday, revealing that inventories declined by 0.2% in January. This revised downward from a previously reported 0.3% decline. December wholesale inventories grew by 0.5%, adjusted upward from an earlier 0.4% gain.

Mortgage Applications Decline

Mortgage applications experienced a second consecutive weekly decline as homebuyers await potential interest rate reductions, according to the Mortgage Bankers Association. The market composite index fell by 0.7% for the week ending March 22 on a seasonally adjusted basis. This followed a 1.6% decrease in the preceding week.

Corporate Updates

Coinbase (COIN) shares fell by 2.3% after a federal judge ruled that the cryptocurrency exchange platform constitutes a securities dealer under US law. The ruling allows a lawsuit filed by the US Securities and Exchange Commission against Coinbase to proceed.

BlackRock (BLK) received a cease-and-desist order from Mississippi state authorities, alleging that the asset manager made "false and misleading statements to Mississippi investors" regarding environmental, social, and governance issues. BlackRock shares rose by 0.6% despite the order.

Noah (NOAH) shares surged by 18% following the company's release of its fourth-quarter results on Tuesday. The company's board approved an annual and special dividend.