Shares of banks and other financial institutions ticked down after mixed economic data.

Treasury yields dropped for a third straight session as weakening wholesale inflation confirmed the downward trend in consumer prices.

Weekly jobless claims hit their highest level since August. Loan demand could slow if the labor market weakens further.

"Growth is slowing and the Fed is going to cut more slowly than the market would like -- a classic growth scare before the first cut is setting up I believe," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.

Mr. Di Mattia is wagering against some of the most economically cyclical and risky corners of the market.

Write to Rob Curran at

(END) Dow Jones Newswires

06-13-24 1731ET