Financial stocks advanced late Friday afternoon, with the NYSE Financial Index gaining 0.7% and the Financial Select Sector SPDR Fund (XLF) rising 1%.

The Philadelphia Housing Index added 0.5%, and the Real Estate Select Sector SPDR Fund (XLRE) shed 0.6%.

Bitcoin (BTC-USD) fell 0.7% at $116,707, and the yield for 10-year US Treasuries rose 3.1 basis points to 4.29%.

In sector news, the Trump administration is preparing to sell stock in Fannie Mae and Freddie Mac in a deal that may raise $30 billion, The Wall Street Journal reported.

On Thursday, Trump picked Stephen Miran, chair of the Council of Economic Advisors, to replace Fed Governor Adriana Kugler. Miran will fill the Fed board seat until the end of January, while the search for a permanent replacement continues.

In corporate news, Chime Financial (CHYM) shares fell 14% following its Q2 results in the previous day.

KKR (KKR) amended its terms with institutional investors to enable it to provide a larger chunk of its deals to wealthy individuals, the Financial Times reported. KKR shares rose 0.6%.

Binance is collaborating with Spanish bank BBVA (BBVA) to allow customers to hold assets off the crypto exchange, the Financial Times reported. BBVA shares added 2.4%.

Essent (ESNT) shares jumped past 5% after it posted higher Q2 earnings and revenue that also beat analysts' estimates.