01:35 PM EDT, 05/31/2024 (MT Newswires) -- Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both up 0.3%.

The Philadelphia Housing Index shed 0.2%, and the Real Estate Select Sector SPDR Fund (XLRE) climbed 1%.

Bitcoin (BTC-USD) fell 1.5% to $67,335, and the yield for 10-year US Treasuries dropped 4 basis points to 4.51%.

In economic news, US consumer spending weakened more than expected in April as outlays on goods fell into contraction territory, while inflation held steady at the annual level, government data showed Friday. Personal consumption expenditures growth slowed to 0.2% last month from the downwardly revised 0.7% in March, the Bureau of Economic Analysis said in a report. The latest print fell short of the market consensus for a 0.3% gain, according to a Bloomberg-polled consensus.

In corporate news, HSBC ( HSBC ) plans to name a successor to Chief Executive Officer Noel Quinn in the coming weeks with the bank likely to draw a candidate from the company rather than an outsider, the Financial Times reported. HSBC ( HSBC ) shares added 0.5%.