Sector Update: Financial Stocks Advance Late Afternoon

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

The Philadelphia Housing Index was up 0.4%, while the Real Estate Select Sector SPDR Fund (XLRE) shed 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%.

H&R Block HRB shares surged 9.5%, a day after the company reported higher-than-expected fiscal Q3 results.

Barclays BARC is cutting eight jobs in its energy transition and sustainable banking teams, part of a broader cost-cutting drive that aims to improve returns, Bloomberg reported. The shares rose 0.2%.

TPG TPG has an attractive growth opportunity in the private market industry that is complemented by an expected rebound in capital markets, Morgan Stanley said in a note. Morgan Stanley raised its rating on the stock to overweight from equal-weight and increased its price target to $52 from $43. TPG shares eased 0.1%.