Morgan Stanley is trading 3.15% down at $207.63 as investors weigh the reported departure of advisory teams managing approximately $2.6 billion in client assets to Merrill Lynch and UBS.
- Elevated oil prices, rising Treasury yields, and rate-hike expectations are weighing on financial stocks and risk appetite.
- Reuters reported the 10-year Treasury yield approached 5%, while Brent crude rose to $108.83; modest index declines make the company-specific news the stronger explanation.