Shares of banks and other financial institutions fell amid renewed concerns about regional banks.
Shares of New York Community Bancorp plummeted more than 35% after the company swung to a fourth-quarter loss and slashed its dividend to shore up capital following its purchase of the assets of the collapsed Signature Bank.
After emerging from a crisis early last year with the assistance of the Federal Deposit Insurance Corp., regional banks have begun to show signs of instability once more.
Columbia Banking System, the owner of Umqua bank chain in the Pacific Northwest, warned that its fourth-quarter earnings had dwindled during a period of volatile Treasury yields.
Shares of credit-card processor Mastercard rose after it posted stronger-than-anticipated earnings.
Treasury yields are set to experience swings again after the Federal Reserve's warning that interest-rate cuts are not imminent.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-24 1730ET
