SOFI - Financial stocks get some relief as Treasury yields rise oil price surge pauses

Financial stocks bounced up in afternoon trading on Tuesday after Treasury yields rose and crude oil, though still high, eased off its peak of $130/barrel level touched on Monday. Higher Treasury yields bode well for bank earnings as they make much of their profit on net interest income. 10-year Treasury yield rose 10 basis points to 1.87%, approaching its 1.89% level reached on March 3. Even with elevated anxiety over oil prices and the Ukraine war's potential effects on the global economy, traders are still expecting the Federal Reserve to boost its benchmark interest rate by 25 basis points, according to CME's FedWatch Tool. That, too, is good news for banks, which have been dealing with a rate of almost zero for two years. By individual names, Wells Fargo (WFC +2.7%), Truist Financial (TFC +2.3%), Bank of America (BAC +1.5%), and KeyCorp (KEY +2.3%) are among the strongest performers. All

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Financial stocks get some relief as Treasury yields rise, oil price surge pauses