03:50 PM EDT, 04/12/2024 (MT Newswires) -- Financial stocks fell in late Friday afternoon trading with the NYSE Financial Index dropping 1.7% and the Financial Select Sector SPDR Fund (XLF) down 1.4%.

The Philadelphia Housing Index shed 0.4%, and the Real Estate Select Sector SPDR Fund (XLRE) slid 1.1%.

Bitcoin (BTC-USD) tumbled 4.6% at $66,818, and the yield for 10-year US Treasuries was falling 8 basis points to 4.50%.

In economic news, the University of Michigan's preliminary consumer sentiment index fell to 77.9 in April from 79.4 in March, below expectations for a drop to 79 in a Bloomberg survey. Respondents saw one-year inflation expectations at 3.1%, up from 2.9% in March, while five-year inflation expectations increased to 3% from 2.8%.

In corporate news, BlackRock ( BLK ) Q1 earnings and revenue rose from a year earlier, topping Wall Street's estimates, even though the asset manager's net inflows declined. Its shares fell 2.7%.

JPMorgan Chase ( JPM ) reported better-than-expected Q1 earnings and revenue even as its net interest income fell short of analysts' estimates, while it raised its full-year expense outlook. Its shares tumbled 6.3%. Citigroup ( C ) reported less-than-expected declines in fiscal Q1 results amid a 49% revenue surge in its banking business that was partially offset by the impact of restructuring costs and an incremental Federal Deposit Insurance Corp. special assessment. Citi shares fell 1.6%. Wells Fargo's ( WFC ) Q1 results topped market estimates. Its shares dropped 0.6%.

Credicorp ( BAP ) and four other investment advisory firms agreed to pay $200,000 in combined penalties to settle charges over alleged marketing rule violations, the US Securities and Exchange Commission said. Credicorp ( BAP ) shares dropped 2.5%.

Orange (ORAN) is selling 1.9 billion euros ($2.04 billion) of loans as it divests its financial services business, Bloomberg reported Thursday. Orange shares dropped 0.8%.