Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index down 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.6%.

The Philadelphia Housing Index was 0.3% higher, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.4%.

Bitcoin (BTC-USD) was down 2% to $75,320, and the yield for 10-year US Treasuries was shedding 3.7 basis points to 4.959%.

In economic news, the Fed's monetary policy committee will announce its rate decision at 2 pm ET. Markets are currently pricing in a 93% probability that the Federal Open Market Committee will hike its key lending rate by 25 basis points, according to the CME FedWatch tool. The central bank will also release its latest Summary of Economic Projections. Fed Chair Kevin Warsh is expected to hold a news conference at 2:30 pm.

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, American Savings Bank (ASBH) shares rose over 5% in their debut on the New York Stock Exchange.

KKR (KKR) has emerged as the top bidder for Logoplaste, a packaging maker based in Portugal, Bloomberg reported. KKR shares eased 0.1%.

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 0.5%.