Financial stocks were mixed late Wednesday afternoon, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF (XLF) slightly higher.

The Philadelphia Housing Index was falling 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.6%.

Bitcoin (BTC-USD) was dropping 1.9% to $86,160, and the yield for 10-year US Treasuries was slightly higher at 4.15%.

In economic news, mortgage applications fell 3.8% in the week ended Dec. 12 as average 30-year mortgage rates rose, according to Mortgage Bankers Association data released Wednesday. This follows a 4.8% jump in overall activity in the week ended Dec. 5.

In corporate news, Texas Pacific Land (TPL) shares jumped 8.6% after it signed an agreement with Bolt Data & Energy to pursue large-scale data center campuses and related infrastructure in west Texas.

JPMorgan Chase (JPM) has moved nearly $350 billion out of its Federal Reserve account since 2023 to increase its holdings of US Treasuries, the Financial Times reported, citing data compiled by industry data tracker BankRegData. JPMorgan shares were 0.2% lower.

UWM (UWMC) will buy Two Harbors Investment (TWO) in an all-stock merger deal for an equity value of $1.3 billion, the companies said Wednesday. Two Harbors shares jumped past 12%, and UWM shares fell 5.3%.

KKR (KKR) is close to a multibillion-pound deal to sell up to half of its UK waste management business Viridor to infrastructure investor Equitix, the Financial Times reported. KKR shares were down 0.7%.