Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 1.4% and the Financial Select Sector SPDR Fund (XLF) adding 1.1%.

The Philadelphia Housing Index was climbing 4.1%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 1.3%.

Bitcoin (BTC-USD) was falling 1.9% to $84,637, and the yield for 10-year US Treasuries was decreasing 3.1 basis points to 4.07%.

In economic news, New York Fed President John Williams' dovish tilt on the December monetary policy meeting almost doubled the odds of an interest-rate cut. Williams said Friday he sees room for "further adjustment" to rates in the near term.

The likelihood of a 25-basis-point cut in interest rates in December jumped to about 72% on Friday, up from 39% the previous day, according to the CME FedWatch Tool.

Separately, the November flash reading of manufacturing conditions from S&P Global fell to a four-month low of 51.9 from 52.5 in October, compared with an expected increase to 52.0 in a survey compiled by Bloomberg.

The University of Michigan consumer sentiment index was revised higher to 51.0 for November from 50.3 in the preliminary estimate, versus the 50.6 outlook in a survey compiled by Bloomberg.

In corporate news, HSBC's (HSBC) Swiss private bank is raising the pay of some of its bankers in a bid to ward off staff exits, Bloomberg reported. HSBC shares were up 2%.

Blackstone-managed (BX) funds have sold a majority stake in Desotec, a provider of air, soil and water filtration systems and services, to EQT, the companies said. Blackstone shares rose 2.8%.

United Bankshares (UBSI) shares jumped 5% after it said in a Friday filing that its board has approved a plan to buy back up to 5 million shares.