Sector Update: Financial

Financial stocks rose in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 0.4%.

The Philadelphia Housing Index climbed 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) dropped 0.4%.

Bitcoin (BTC/USD) fell 3.7% to $60,714, and the yield for 10-year US Treasuries rose 5.5 basis points to 4.504%.

In economic news, US consumer sentiment tumbled more than expected this month as inflation expectations edged higher, preliminary data from the University of Michigan's Surveys of Consumers showed. The main sentiment gauge declined to 67.4 in May from 77.2 in April in what Jefferies US Economist Thomas Simons called the biggest month-to-month decline since August 2021. The consensus was for a smaller decline to 76.2, according to a Bloomberg survey.

In corporate news, the UK government is expediting plans to cut its stake in NatWest NWG by selling shares to investors this year, Bloomberg reported Friday. The bank's shares rose 0.1%.