Shares of banks and other financial institutions fell amid fears that first-quarter earnings reports will bring another wave of losses from commercial-real estate distress.

Shares of mortgage-investment firm Sachem Capital fell on higher interest rates and weakness in commercial real estate.

There remain signs of distress among regional banks, and S&P recently downgraded the outlook for a handful, including Synovus Financial, M&T Bank and Northern California lender Valley National Bancorp. While commercial real-estate fears are warranted, the strength of these regional bank shares in recent months could be a promising sign for their fortunes, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

Canadian payments processor Nuvei, backed by celebrity entrepreneur Ryan Reynolds, struck a deal to be bought by a consortium led by investment firm Advent International for $6.3 billion.


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

(END) Dow Jones Newswires

04-01-24 1752ET