01:23 PM EDT, 05/10/2024 (MT Newswires) -- Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 0.3%.

The Philadelphia Housing Index was adding 0.3%, while the Real Estate Select Sector SPDR Fund (XLRE) was decreasing 0.6%.

Bitcoin (BTC-USD) dropped 4% to $60,486, and the yield for 10-year US Treasuries was rising 6 basis points to 4.50%.

In economic news, US consumer sentiment tumbled more than expected so far this month as inflation expectations edged higher, preliminary data from the University of Michigan's Surveys of Consumers showed Friday. 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 dip to a 76.2 level, according to a Bloomberg survey.

In corporate news, Barclays ( JJCTF ) 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 Friday. The bank's shares were up 0.2%.