Financials Down On Trade Fears - Financials Roundup
Shares of banks, lenders and other financial institutions fell amid fears that the U.S. and China would fail to reach a deal. Losses were limited, however, as traders await minutes from the Federal Reserve's latest meeting. "The Fed is now coming back into play," said Quincy Krosby, chief market strategist at Prudential Financial. "It's been on pause, it's been on hold, but the pivot [from a hiking bias] beginning on January 4 helped underpin this market. Suddenly because China issue has become the other obstacle, the obstacle that we thought was going to be fixed, now the Fed comes back into play." Some large high-speed trading firms are teaming up with options-exchange operator Miami International Holdings to create next year what could be the 15th U.S. stock exchange, exacerbating what some critics say is a "fragmentation" issue with U.S. equity markets.
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(END) Dow Jones Newswires
May 17, 2019 17:20 ET (21:20 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.