03:52 PM EDT, 04/04/2025 (MT Newswires) -- Financial stocks tumbled late Friday afternoon, with the NYSE Financial Index dropping 6.2% and the Financial Select Sector SPDR Fund (XLF) declining 6.4%.

The Philadelphia Housing Index rose 0.9%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 3.4%.

Bitcoin (BTC-USD) increased 1.3% to $84,251, and the yield for 10-year US Treasuries dropped 7 basis points to 3.99%.

In economic news, Federal Reserve Chair Jerome Powell said that the effects of the Trump Administration's tariffs plans are likely to be larger than expected, while significant uncertainty remains.

The March employment report showed nonfarm payrolls rose 228,000, above the 140,000 rise seen in a Bloomberg survey.

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

In corporate news, PayPal ( PYPL ) said that two more cryptocurrencies, Chainlink and Solana, are available for PayPal ( PYPL ) and Venmo users to buy, hold, sell and transfer via their digital wallets. PayPal ( PYPL ) shares were falling 4.2%.

Klarna postponed its planned IPO after US President Donald Trump's tariff announcement, The Wall Street Journal reported.

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 6.1%.

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