Shares of banks and other financial institutions ticked up as anticipation of a wave of initial-public offerings offset concerns about rising Treasury yields.
Yields of short-dated Treasurys rose and stopped just shy of 2026 highs.
Oil futures are hovering around $100-a-barrel, generating inflation concerns that are in turn pushing yields higher. While a gradual increase in yields typically bolsters banks' loan margins, a sudden spike can diminish loan demand and spread stress in the system.
Shares of tax-preparation software maker Intuit tumbled amid signs of slowing growth.
Apartment developers AvalonBay Communities and Equity Residential have agreed to a merger, in a deal that would create a multifamily real-estate giant worth more than $50 billion.
