Financial stocks advanced in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each rising 1.6%.

The Philadelphia Housing Index jumped 4.6%, and the Real Estate Select Sector SPDR Fund (XLRE) gained 1.6%.

Bitcoin (BTC-USD) rose 4% to $116,780, and the yield for 10-year US Treasuries dropped 7.4 basis points to 4.26%.

In economic news, Federal Reserve Chair Jerome Powell on Friday indicated a potential monetary policy pivot to lower interest rates, saying that downside risks to employment were rising while the effects of tariffs on inflation will likely be short lived.

The odds of a 25-basis-point cut in interest rates in September climbed to 87% by Friday afternoon from 75% a day earlier, according to the CME FedWatch Tool. The probability of the Fed leaving rates unchanged fell to 13% from 25% a day earlier.

In sector news, JPMorgan Chase (JPM) and other banks in the US are lobbying the Office of the Comptroller of the Currency for uniform national standards that would supersede state-imposed rules, Reuters reported.

In corporate news, Portman Ridge Finance (PTMN) filed a certificate of amendment to its certificate of incorporation to change its name to BCP Investment, effective after the market closes Friday. Its shares rose 1.8%.

Visa (V) shut its open-banking business in the US due to uncertainty around consumer-data rights and the prospect of higher fees for customer information, Bloomberg reported. Visa shares added 1.8%.

Jefferies Financial (JEF) instructed its senior investment bankers to collaborate in order to maximize their bonuses as the firm tries to land bigger corporate clients, The Financial Times reported. Jefferies shares jumped 5.5%.

JPMorgan Chase (JPM) will pay the Malaysian government 1.4 billion Malaysian ringgit ($330 million) as part of a deal to settle matters tied to its role in the 1MDB scandal, according to media reports. JPMorgan shares gained 1.6%.