01:40 PM EDT, 04/04/2025 (MT Newswires) -- Financial stocks were tumbling in Friday afternoon trading, with the NYSE Financial Index falling 6.3% and the Financial Select Sector SPDR Fund (XLF) slumping 5.9%.

The Philadelphia Housing Index was up 0.8%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 2.5%.

Bitcoin (BTC-USD) was increasing 2.2% to $83,530, and the yield for 10-year US Treasuries dropping 8.3 basis points to 3.97%.

In economic news, China, now subject to tariffs of more than 50% on its exports to the US, imposed a 34% levy on imports from the US on Friday.

The March employment report showed nonfarm payrolls rose 228,000, above the 140,000 increase expected in a survey compiled by Bloomberg.

The probability of a 25 basis-point interest-rate cut in May soared to 42% by Friday afternoon, from 22% a day ago, the CME Group's FedWatch Tool showed.

In corporate news, Brookfield Infrastructure (BIP) agreed to acquire all assets of pipeline operator Colonial Enterprises from a group of five owners, including Shell (SHEL), in a deal worth roughly $9 billion. Brookfield shares were falling 6.3%.