Shares of banks and other financial institutions fell as volatility in global markets picked up, partly because of a rout in Indian stock markets inspired by Prime Minister Narendra Modi's setback in parliamentary elections.

One money manager said volatility is set to pick up in the fall.

"At some point, likely during the summer, investor focus will start shifting from the rest of 2024 to 2025, where the range of outcomes for the economy and the Fed funds rate are wider than they are this year," said Jason Draho, head of asset allocation, Americas at UBS Global Wealth Management.

Axos Financial shares slid after short-seller Hindenberg Research unveiled a bet against the bank, citing exposure to the commercial real-estate market and lax underwriting standards.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

06-04-24 1700ET