Financials Down as Credit, Inflation Concerns Linger - Financials Roundup
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Published on 05/04/2026 at 05:14 pm EDT
Shares of banks and other financial institutions fell as concerns about stress in credit markets from the spike in inflation lingered.
"If you buy into the k-shaped recovery, to me the wealth effect has a larger impact than anything to do with fuel prices," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.
"It kind of becomes self-fulfilling prophecy. [The market has] gone up so much that now you feel comfortable going out and spending more," Joyce said.
Loews, a conglomerate that operates insurance, energy and hotel businesses, reported lower first-quarter profit dragged down by higher insurance claims and policyholders' benefits for the company's CNA Financial business.
Corporate travel services provider American Express Global Business Travel agreed to be taken private by buyout firm Long Lake Management for about $6.3 billion in cash.
Artificial-intelligence pioneer Anthropic is creating a joint venture with Blackstone, Goldman Sachs and a handful of other Wall Street firms that aims to sell AI tools to companies curious about but unschooled in the technology.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
05-04-26 1713ET