02:03 PM EDT, 05/23/2025 (MT Newswires) -- Financial stocks leaned higher in Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both advancing 0.03%.

The Philadelphia Housing Index dropped 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.1%.

Bitcoin (BTC-USD) declined 2% to $109,500, and the yield for 10-year US Treasuries was dropping 2.2 basis points to 4.518%.

In economic news, President Donald Trump said he's recommending a "straight" 50% tariff on the EU, effective June 1, because the bloc has been "very difficult to deal with." The EU is the US's largest trading partner, accounting for 18% of total trade, a Stifel note said.

New home sales in the US unexpectedly rose in April despite an increase in median prices, government data showed Friday. Single-family home sales rose 10.9% sequentially to a seasonally adjusted annual rate of 743,000 units last month, according to the Census Bureau and the Department of Housing and Urban Development. The Bloomberg-polled consensus was for a 4% decline based on the unrevised March print.

In sector news, major US banks are in talks over the potential issuance of a joint stablecoin, which serves as a digital dollar in cryptocurrency markets, The Wall Street Journal reported Thursday. The talks have involved companies co-owned by Citigroup (C), Wells Fargo (WFC), Bank of America (BAC), JPMorgan Chase (JPM), and other major commercial banks so far, the report said.

In corporate news, Douglas Elliman ( DOUG ) received a merger offer from Anywhere Real Estate ( HOUS ) this week that would value the company at double its current share price, Bloomberg reported. Douglas Elliman ( DOUG ) shares jumped past 31%, and Anywhere gained 3.7%.

Booz Allen Hamilton ( BAH ) on Friday provided a full-year outlook below market estimates amid the Trump administration's focus on lowering government spending, while the consulting firm said it will lay off staff to match expected demand levels. Its shares dropped more than 16%.

EU antitrust authorities circulated a new series of questions last week to market participants on "scheme fees" they levy on financial institutions that provide card-payment services to retailers using Visa (V) and Mastercard ( MA ) networks, Bloomberg reported. Visa shares were down 0.8%, and Mastercard ( MA ) was shedding 0.6%.