Financial Shares Slip As Bond Yields Rise — Financials Roundup

Shares in the financial sector were modestly lower as the 10-year Treasury yield rose to its highest level since January 2025.

Blackstone's 2Q earnings surged, as it reaped revenue from investments in the AI build-out that span all of the firm's major businesses, including its private-equity, private-credit and real estate units. The firm's distributable earnings, a closely tracked metric for publicly traded investment firms that pay dividends, rose to $1.98 billion, or $1.52 a share. That is up 26% from $1.57 billion, or $1.21 a share, a year ago. Total revenue jumped 36% to $5.04 billion, while total assets under management increased 11% to nearly $1.35 trillion. Stronger inflows in its private-equity and other businesses helped offset a slowdown in its private-credit unit, which has been contending with a pullback in interest among individual investors.

BNP Paribas said it will pay a higher interim dividend after results for the year's second quarter beat expectations. The French bank, Europe's largest by assets, said net profit surged by a third on year to 4.345 billion euros ($4.96 billion) for the three months through June 30, ahead of expectations of 4.21 billion euros, according to a consensus of analysts' estimates provided by the bank.

Mortgage rates rose to their highest level in almost a year, as rising tensions in the Middle East spurred fears of higher inflation.

Write to Patrick Sheridan at patrick.sheridan@wsj.com

(END) Dow Jones Newswires

July 23, 2026 18:17 ET (22:17 GMT)