Shares of banks and other financial institutions rose, retesting highs of the year, amid deal activity and hopes that the U.S. would avert a wider conflict with Iran.
Deal speculation swirled in the lucrative trust and custodial-banking niche as Bank of New York Mellon approached Northern Trust last week to express interest in merging with its smaller rival, in what would be a landmark deal for the financial-services industry.
Iran's strike on Qatar was more limited than anticipated, and followed an advance warning from the Islamic republic.
"At a time when we already had so many uncertainties, we have even greater unknowns at this moment than we did last week," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "The prices of oil, equities and bond market could all change substantially in the coming days or weeks depending on what containment or escalation follows."
Federal Reserve official Michelle Bowman said the central bank could cut rates as soon as July if inflation related to tariffs failed to materialize.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-23-25 1737ET
