03:33 PM EDT, 08/22/2025 (MT Newswires) -- Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 1.6%.

The Philadelphia Housing Index was climbing 4.5%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 1.6%.

Bitcoin (BTC-USD) was increasing 4% to $116,780, and the yield for 10-year US Treasuries dropped 7.4 basis points to 4.26%.

In economic news, Federal Reserve Chair Jerome Powell on Friday indicated a potential monetary policy pivot to lower rates, saying that downside risks to employment were rising while the effects of tariffs on inflation will likely be short lived.

The odds of a 25-basis-point cut in interest rates in September climbed to 87% by Friday afternoon, up from 75% a day earlier, according to the CME FedWatch Tool. The probability of the Fed leaving rates unchanged fell to 13% from 25% a day earlier.

In sector news, JPMorgan Chase ( JPM ) and other banks in the US are lobbying the Office of the Comptroller of the Currency for uniform national standards that would supersede state-imposed rules, Reuters reported. The banks are seeking uniform US regulations on making loans, issuing bonds, providing investment banking services, and assessing money laundering risks without state interference, aiming to make it easier for them to operate, the report said.

In corporate news, Portman Ridge Finance ( PTMN ) said it filed a certificate of amendment to its certificate of incorporation to change its name to BCP Investment, effective after the market close Friday. Its shares rose 1.8%.