Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) rising 0.4% each.

The Philadelphia Housing Index was up 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) added 0.1%.

Bitcoin (BTC-USD) was declining 1.2% to $60,848, and the yield for 10-year US Treasuries was rising 6 basis points to 4.35%.

In economic news, the personal consumption expenditures increased 0.2% in May from the downwardly revised 0.1% the month prior, according to the Bureau of Economic Analysis.

The University of Michigan consumer sentiment index was revised upward to 68.2 for June from the 65.6 print in the preliminary estimate, compared with expectations for 66 in a survey compiled by Bloomberg.

In regulatory news, the US Supreme Court has limited the ability of the Securities and Exchange Commission and other government agencies to impose penalties using in-house administrative hearings rather than the court system.

In corporate news, Synchrony Financial (SYF) shares jumped 5.5% in recent trading as Baird started coverage of the company with an outperform rating and a $56 price target.

Hywin (HYW) said Friday that it plans to exit its wealth management and asset management businesses and shift its focus to the technology sector. The company will change its name to Santech to reflect the new focus. Its shares tumbled 4.7%.

Pershing Square USA, a fund managed by billionaire Bill Ackman, said Friday it plans to price its initial public offering in New York at $50 per share.