03:29 PM EDT, 08/08/2025 (MT Newswires) -- Financial stocks advanced late Friday afternoon with the NYSE Financial Index gaining 0.7% and the Financial Select Sector SPDR Fund (XLF) rising 1%.

The Philadelphia Housing Index added 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.6%.

Bitcoin (BTC-USD) fell 0.7% at $116,707, and the yield for 10-year US Treasuries rose 3.1 basis points to 4.29%.

In sector news, the Trump administration is preparing to sell stock in Fannie Mae and Freddie Mac in a deal that may raise $30 billion, The Wall Street Journal reported.

On Thursday, Trump picked Stephen Miran, chair of the Council of Economic Advisors, to replace Fed Governor Adriana Kugler. Miran will fill the Fed board seat until the end of January, while the search for a permanent replacement continues.

In corporate news, Chime Financial ( CHYM ) shares fell 14%, a day after the company posted a Q2 loss of $7.29 per diluted share, even as revenue topped Wall Street estimates.