Shares of banks and other financial institutions were flat amid signs that consumers were pulling back on credit-card spending.
The CBOE Volatility index, or VIX, also known as the stock market’s “fear gauge,” is at its most elevated level since the early summer, while Treasury yields are hovering near multi-year highs.
Mastercard shares slid after the credit-card processor warned of a sequential slowdown in transaction growth for the month of October. “How many companies have we heard saying, ‘so far good earnings are good, but we’re a little nervous heading into next year?’ I think that’s 100% how consumer companies are going to be,” said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
“The savings ran out, inflation’s hit people’s pocketbooks.”
Silverstein Properties, best known as the developer of New York City’s World Trade Center, has replaced its longtime chief executive, Marty Burger, with Lisa Silverstein, daughter of chairman and founder Larry Silverstein.
Write to Rob Curran at [email protected]
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