Shares of banks and other financial institutions rose sharply alongside Treasury yields.

The yield on the 10-year Treasury topped 2.88%, closing at its highest level since late July.

In another good sign for loan profitability, the 30-year fixed-rate mortgage rose markedly to 5.22% as of August 11, according to Freddie Mac.

One strategist said movements in the CBOE volatility index, a measure known as the "fear gauge," suggest that traders are growing less confident in the short-term outlook for the stock market.

"We saw the VIX under 20 there for a little bit, but it's popping its head back up," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.

The U.S. The Securities and Exchange Commission is looking into Melvin Capital Management's risk controls and investor disclosure after the hedge fund was brought low by the meme-stock rally last year, The Wall Street Journal reported.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

08-11-22 1632ET