03:50 PM EDT, 04/03/2025 (MT Newswires) -- Financial stocks slumped in late Thursday afternoon trading with the NYSE Financial Index dropping 4.6% and the Financial Select Sector SPDR Fund (XLF) losing 4.7%.

The Philadelphia Housing Index fell 5.1%, and the Real Estate Select Sector SPDR Fund (XLRE) declined 2.9%.

Bitcoin (BTC-USD) dropped 5% to $81,976, and the yield for 10-year US Treasuries slid 14 basis points to 4.06%.

In sector news, US equity indexes plunged amid concerns that the Trump administration's tariff increases will spark a global trade war and slash economic growth.

In economic news, the Institute for Supply Management's US services index fell to 50.8 in March from 53.5 in February, compared with expectations for 52.9 in a Bloomberg survey.

In corporate news, Intercontinental Exchange ( ICE ) said its total average daily volume rose 31% in March from a year earlier. The shares shed 1.3%.

Capital One Financial's ( COF ) planned acquisition of Discover Financial Services ( DFS ) received the Justice Department's go-ahead after the agency told regulators it didn't see any concerns that warranted blocking the deal, the New York Times reported. Capital One shares dropped 11%, and Discover declined 9%.

Manulife Financial ( MFC ) said shareholders should be cautious about an unsolicited mini-tender offer from New York Stock and Bond LLC seeking to buy up to 250,000 Manulife shares. The stock fell 5.4%

TowneBank ( TOWN ) agreed to buy Old Point Financial ( OPOF ) for $203 million. Old Point shares surged 22%, while TowneBank ( TOWN ) fell 8.1%.