Financial stocks slumped in Thursday afternoon trading with the NYSE Financial Index dropping 4.2% and the Financial Select Sector SPDR Fund (XLF) sliding 3.3%.

The Philadelphia Housing Index dropped 3.4%, and the Real Estate Select Sector SPDR Fund (XLRE) retreated 25%.

Bitcoin (BTC-USD) declined 4% to $79,167, and the yield for 10-year US Treasuries lost 3.2 basis points to 4.368%.

In economic news, the US tariff rate on goods coming from China now totals 145%, CNBC reported, citing confirmation from a White House official. Trump's executive order on Wednesday raised the tariff rate on China to 125% from 84%, but that hike comes on top of a 20% fentanyl-related tariff that Trump previously levied on the nation, the report said.

The consumer price index decreased 0.1% in March, compared with the Bloomberg-polled consensus for a 0.1% increase. Prices were up 0.2% in February. Annually, inflation cooled to 2.4% in March from the previous month's 2.8% pace and came in below Wall Street's estimate for 2.5%.

In corporate news, Block (XYZ) will pay a $40 million penalty for major failures in its anti-money laundering compliance program on the Cash App platform, the New York State Department of Financial Services said. Block shares fell 5.8%.

UBS (UBS) plans to move ahead with a $3 billion share buyback this year even with new capital rules and economic instability, Reuters reported, citing Chairman Colm Kelleher at the bank's annual meeting. UBS shares dropped 2.6%.

Mastercard (MA) said Chief Financial Officer Sachin Mehra returned to the office earlier this month after working remotely while undergoing non-Hodgkin lymphoma treatment. Mastercard shares declined 3.3%.