Shares of banks and other financial institutions fell amid volatility in bond markets.

The yield on the 30-year Treasury bond fell by the largest increment since 2025 after the Treasury Department unveiled a plan to increase the size of bond buybacks.

Minutes from the Federal Reserve's latest meeting indicated a greater likelihood of a rate increase this year, pushing up the yield on the two-year Treasury. The minutes, released Wednesday, noted that "many" policymakers assessed that tightening policy would "likely be necessary" if inflation doesn't decline.

Brokerage Cantor Fitzgerald plans to give investment funds access to Kalshi's prediction markets, allowing hedge funds to make hefty wagers on events.