Shares of banks and other financial institutions slipped amid concerns about inflation data and bank earnings reports later in the week.
Banks have benefited from volatile markets and rising interest rates, but stocks have slipped because of concerns that a recession would weigh on loan demand, strategists say.
Hedge-fund manager William Ackman is winding up the largest-ever special-purpose acquisition company, returning $4 billion in shareholder capital to holders of Pershing Square Tontine Holdings, after failing to find a target.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-12-22 1657ET
