Financials Flat As Treasury Yields Slip, Jefferies Takes Hit -- Financials Roundup

Shares of banks and other financial institutions were more or less flat as traders hedged their bets on the outlook for Treasury yields.

The yield on the 10-year Treasury note slipped Wednesday, but remained higher for the year to date, trading at 1.724%. A gradual increase in bond yields would be a positive development for banks, allowing them to boost profit margins on lending activity without seeing major market instability.

In one sign of problems caused by more drastic moves in bond yields, Shares of brokerage Jefferies Financial Group fell sharply after it said "challenging conditions" in bond markets weighed on its trading desk's performance.

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(END) Dow Jones Newswires

01-12-22 1718ET