Shares of banks and other financial institutions fell as Treasury yields surged.
The rate of change in Treasury yields can affect market stability, with stock returns typically poor during periods of rapid appreciation, said strategists at brokerage Goldman Sachs Group, in a recent presentation.
The S&P 500 has risen by 12% in the first 100 trading days of the year, which typically bodes well for the balance of the year, according to technical analysis of historic stock trends.
U.K. firm Hargreaves Lansdown rallied after the retail brokerage and money manager rejected an unexpected $5.94 billion takeover offer from a private-equity consortium.
Mutual-fund firm Capital Group, whose American Funds have been a staple in brokerage accounts for nearly a century, tapped Wall Street investment firm KKR as a partner in its entry to the lucrative world of private investments.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-23-24 1710ET
