Shares of banks and other financial institutions fell as protests in major Chinese cities and the latest failure of a cryptocurrency lending firm triggered global market volatility.
"We remain skeptical that the recent rally marks the start of a new market regime," said Mark Haefele, chief investment strategist officer at UBS Global Wealth Management, in a note to clients.
"The priority of the Fed is likely to remain the fight against inflation, pending a more consistent stream of softer prices and employment data."
JPMorgan Chase, Wells Fargo and Bank of America are among the banks in advanced discussions to create a playbook for refunding customers and each other for illegitimate transfers in the Zelle payment system, as the banks seek to restore consumer trust in the platform.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-28-22 1708ET
