03:53 PM EDT, 04/08/2025 (MT Newswires) -- Financial stocks were declining in late Tuesday trading, with the NYSE Financial Index down 0.8% and the Financial Select Sector SPDR Fund (XLF) falling 1.3%.

The Philadelphia Housing Index was falling 4%, and the Real Estate Select Sector SPDR Fund (XLRE) was down 3.1%.

Bitcoin (BTC-USD) was declining 3% to $76,906, and the yield for 10-year US Treasuries was rising 11 basis points to 4.26%.

In economic news, the US is moving forward with an additional 50% tariff on China that brings the total rate of levies on the country to 104%, Bloomberg reported Tuesday, citing an unnamed US official.

In sector news, BlackRock has downgraded US equities to neutral from overweight on a three-month horizon, Bloomberg reported, citing an analyst note. The BlackRock strategists said they anticipate "more pressure on risk assets in the near term given the major escalation in global trade tensions."

In corporate news, Banco Santander (SAN) is exploring a potential sale of its majority stake in its Polish unit, among other options, Bloomberg reported. Santander was down 0.4%.

Apollo Global Management ( APO ) shares were 3% lower after Barclays ( JJCTF ) cut its price target on the stock to $145 from $196, and

Citigroup to $138 from $191.

Barclays ( JJCTF ) is scaling back its staffing diversity goals in the US while continuing those efforts in other countries, the company said. Barclays ( JJCTF ) shares fell 1.6%.