01:44 PM EDT, 04/12/2024 (MT Newswires) -- Financial stocks were declining in Friday afternoon trading, with the NYSE Financial Index shedding 1.6% and the Financial Select Sector SPDR Fund (XLF) off 1.5%.

The Philadelphia Housing Index was down 0.7% and the Real Estate Select Sector SPDR Fund (XLRE) decreased 1.2%.

Bitcoin (BTC-USD) was down 2.2% at $68,487, 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, 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%.

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. The company's shares were falling 2.2%.

Wells Fargo's ( WFC ) Q1 results topped market estimates. Its shares eased 0.6%.