Shares of banks and other financial institutions fell amid concerns about Chinese property developers.

Country Garden Holdings, a 31-year-old company that's China's top surviving privately run developer, is teetering on the brink of default, an event that investors fear would have significant ripple effects across the Chinese economy.

A recent selloff in U.S. stocks could be a reflection of rising Treasury yields on medium-term bonds, said one strategist.

Stocks have fallen even as earnings have come in better-than-forecast, suggesting the selling is a function of "multiple contraction," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

"And, why would the multiple come down? Might it be because of interest rates in this medium term going up so much in this short time? Or could it be the fact summer doldrums, and a lot of folks taking their last vacations before school starts?" Joyce said.

PayPal Holdings has tapped Intuit executive Alex Chriss as its next president and chief executive officer, ending a monthslong search for a new leader.

Swiss bank UBS agreed to pay $1.44 billion to settle allegations it lied to investors about the quality of mortgage-backed securities purchased in 2006 and 2007, in the run-up to the financial crisis.


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

(END) Dow Jones Newswires

08-14-23 1718ET