Shares of banks and other financial institutions fell as hopes for multiple rate cuts this year faded somewhat.
Spanish lender Banco Santander agreed to sell most of its Polish assets to Austria's Erste Group Bank for $7.91 billion, continuing a wave of dealmaking among European lenders.
"The employment report will keep the Fed feeling comfortable that monetary policy is in a good position until greater clarity on the outlook is revealed," warned economists at brokerage Morgan Stanley. That message "could come off somewhat hawkish to financial markets, which are still pricing in a rate cut by the June meeting," the Morgan Stanley economists said.
"The Fed will be reactive instead of proactive.
Howard Hughes Holdings said Bill Ackman's Pershing Square Capital Management will invest $900 million in the company, boosting its stake further and bringing Ackman back into the fold.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 05, 2025 17:46 ET (21:46 GMT)
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