Sector Update: Financial

Financial stocks were higher in late Friday afternoon trading with the NYSE Financial Index up 0.3% and the Financial Select Sector SPDR Fund (XLF) adding 0.1%.

The Philadelphia Housing Index climbed 1.1%, and the Real Estate Select Sector SPDR Fund (XLRE) increased 0.4%.

Bitcoin (BTC/USD) slumped 0.9% to $63,932, and the yield for 10-year US Treasuries dropped 4 basis points to 4.67%.

In economic news, the personal consumption expenditures price index rose 0.3% for a second straight month, in line with expectations, lifting the year-over-year rate to 2.7% from 2.5% in February. The core PCE price index also increased 0.3% for the second consecutive month, in line with forecasts. The year-over-year rate remained at 2.8%, according to the Bureau of Economic Analysis.

The University of Michigan's consumer sentiment index was revised downward to 77.2 for April from 77.9 in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg.

In corporate news, Midland States Bancorp MSBI shares tumbled almost 7% in recent trading on Friday, a day after the company's Q1 adjusted earnings came in below consensus estimates.