01:58 PM EDT, 04/04/2025 (MT Newswires) -- Financial stocks tumbled Friday afternoon, with the NYSE Financial Index falling 5.7% and the Financial Select Sector SPDR Fund (XLF) slumping 6%.

The Philadelphia Housing Index was up 1%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 2.6%.

Bitcoin (BTC-USD) was increasing 2.2% to $83,530, and the yield for 10-year US Treasuries was dropping 3.9 basis points to 3.99%.

In economic news, China, now subject to tariffs of more than 50% on its exports to the US, imposed a 34% levy on imports from the US on Friday.

The March employment report showed nonfarm payrolls rose 228,000, above the 140,000 increase expected in a survey compiled by Bloomberg.

The probability of a 25 basis-point interest-rate cut in May soared to 42% Friday afternoon from 22% a day ago, the CME Group's FedWatch Tool showed.

In corporate news, Brookfield Infrastructure (BIP) agreed to acquire all assets of pipeline operator Colonial Enterprises from a group of five owners, including Shell (SHEL), in a deal worth roughly $9 billion. Brookfield shares were falling 5.6%.

Klarna has postponed its planned initial public offering after US President Donald Trump's tariff announcement, The Wall Street Journal reported Friday.

Morgan Stanley ( MS ) aims to raise about 100 billion Japanese yen ($688.3 million) for a real estate fund focused on Japan, Reuters reported Friday. Morgan Stanley ( MS ) shares fell past 6%.