01:41 PM EDT, 09/06/2024 (MT Newswires) -- Financial stocks declined in Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each falling 1.4%.

The Philadelphia Housing Index was rising 0.9%, while the Real Estate Select Sector SPDR Fund (XLRE) was down 0.6%.

Bitcoin (BTC-USD) was dropping 3.5% to $54,261, and the yield for 10-year US Treasuries was down 2.9 basis points at 3.70%.

In economic news, nonfarm payrolls climbed by 142,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 165,000 increase in a survey compiled by Bloomberg. July payrolls saw a downward revision to an 89,000 gain and June payrolls were revised down to a 118,000 increase, resulting in a net downward revision of 86,000 jobs.

In corporate news, Coinbase (COIN) shares tumbled nearly 7%. The company will face a class action lawsuit by its shareholders for misleading them about the risk of a possible legal challenge by a US regulator, a federal judge ruled, according to media reports.

Morgan Stanley ( MS ) agreed to pay a $2 million fine to settle a Massachusetts investigation into its role in the sale of First Republic Bank stock by the bank's then-executive chairman in the months leading up to the bank's failure, the state's Secretary of the Commonwealth William Galvin said Friday. Morgan Stanley ( MS ) shares fell 2.4%.

BlackRock ( BLK ) is reorienting its investment strategy toward value stocks and fixed-income as markets enter a new chapter with expected Federal Reserve interest rate cuts and the looming US presidential election, the company said in a note viewed by MT Newswires. BlackRock ( BLK ) shares were falling 1.5%.