Financial stocks tumbled Friday afternoon, with the NYSE Financial Index falling 5.7% and the Financial Select Sector SPDR Fund (XLF) slumping 6%.

The Philadelphia Housing Index was up 1%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 2.6%.

Bitcoin (BTC-USD) was increasing 2.2% to $83,530, and the yield for 10-year US Treasuries was dropping 3.9 basis points to 3.99%.

In economic news, China, now subject to tariffs of more than 50% on its exports to the US, imposed a 34% levy on imports from the US on Friday.

The March employment report showed nonfarm payrolls rose 228,000, above the 140,000 increase expected in a survey compiled by Bloomberg.

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

In corporate news, 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 5.6%.

Klarna has postponed its planned initial public offering after US President Donald Trump's tariff announcement, The Wall Street Journal reported Friday.

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