Shares of banks and other financial institutions ticked down as traders hedged their bets on the outlook for interest rates.
Surprisingly strong economic data could spur the Federal Reserve to become more aggressive with rate hike plans.
"The data-dependent Fed is seeing its case for more ongoing rate increases get bolstered after both inflation accelerated and as retail sales rebound sharply in January," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group.
"The trend is down...Chairman Powell acknowledged that we're just starting to feel the effects of the rate hikes," said Oliver Pursche, senior vice president at financial advisory Wealthspire. "It's not hike rates on Tuesday and feel the impact on Wednesday...there's a good six month lag."
One of New York's top-producing commercial-property sales teams is jumping from brokerage Cushman & Wakefield to rival Newmark Group during one of the worst droughts for office buildings deals in recent memory.
Investment firm TPG's net income dropped at the end of last year even as the buyout firm generated higher profits from management fees and increased its assets under management.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-15-23 1733ET
