Financials Lower as Treasury Yields Rise -- Financials Roundup

Banks, lenders and other financial companies fell, but not by as much as the broad market, as Treasury rates continued to climb.

The yield on the 10-year Treasury note, a benchmark tracked by many bank loans, hit its highest level since 2014.

Stephen Pitts, a senior Deutsche Bank banker with close ties to Japanese tech conglomerate SoftBank Group, is joining Bank of America, The Wall Street Journal reported. Mr. Pitts' links with SoftBank could prove lucrative as the firm plans to deploy a $100 billion investment fund in tech investments world-wide.

There is growing trepidation among stock-market investors that a correction could be on its way after one of the strongest starts to a year in recent history. "Midterm years tend to be a banana peel for markets, as they see the largest pullbacks out of the four-year presidential cycle," said Ryan Detrick, senior investment strategist at brokerage LPL Financial.

Federal prosecutors charged eight traders with deceptive trading practices in the futures markets, targeting a tactic outlawed in the 2010 Dodd-Frank financial overhaul known as "spoofing."

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

January 29, 2018 17:49 ET (22:49 GMT)