Shares of banks and other financial institutions fell after weak earnings from Goldman Sachs Group.
Shares of Wall Street bank Goldman Sachs fell roughly 7% after it posted fourth-quarter earnings short of analysts' forecasts, reflecting struggles on its storied trading desk.
Yields on Treasury bonds hit their highest levels since the onset of the pandemic, as bond traders priced in more aggressive inflation-fighting moves from the Federal Reserve. The yield on the two-year Treasury-note yield, which is particularly sensitive to rate expectations, pushed above the 1% threshold for the first time since early 2020. Higher yields typically boost banks' profitability, but sudden moves sow market instability, offsetting the impact on loan income.
Shares of discount brokerage Charles Schwab fell after it reported quarterly earnings short of Wall Street targets.
The online cryptocurrency platform crypto.com suspended customer withdrawals for about 14 hours on Monday, after reports of unauthorized activity in the accounts of some users, the company said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-18-22 1725ET
