01:45 PM EDT, 05/16/2025 (MT Newswires) -- Financial stocks advanced in Friday afternoon trading with the NYSE Financial Index up 0.6% and the Financial Select Sector SPDR Fund (XLF) ahead 0.7%.

The Philadelphia Housing Index climbed 1.2%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.8%.

Bitcoin (BTC-USD) increased 0.4% to $104,148, and the yield for 10-year US Treasuries shed 1.4 basis points to 4.44%.

In economic news, the University of Michigan's preliminary consumer sentiment index fell to 50.8 in May from 52.2 in April, compared with expectations for an increase to 53.5 in a survey compiled by Bloomberg.

US March factory new orders were revised down to a 3.4% increase from the 4.3% gain previously reported.

President Donald Trump said that he plans to set tariff rates for US trading partners in the "next two or three weeks," media reports said. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be sending out letters to tell other nations what "they'll be paying to do business" in the US, the president said in a meeting with business executives in the UAE, according to the reports.

In corporate news, Coinbase (COIN) shares jumped 8.8%. The stock presents a buying opportunity following a sell-off over a cyberattack and a media report about a probe into a user metric, Oppenheimer said.

HSBC ( HSBC ) is forming a new capital markets and advisory group by merging its global financing and investment banking operations. The new business combines debt capital markets, leveraged and acquisition finance, and private credit with corporate finance and advisory services. HSBC ( HSBC ) shares were little changed.

Citigroup ( C ) is cutting up to 200 IT contractor positions in China, Reuters reported. The cuts are part of an attempt by the bank to hire its own staff for the roles to meet regulatory requirements, the report said. Citi shares shed 0.4%.