Financial company shares traded slightly lower as Treasury yields fell, reversing recent gains.

A federal appeals court Tuesday reinstated a $10 billion antitrust lawsuit against 10 banks after finding that a judge who had earlier dismissed the case should have recused himself because of an apparent conflict of interest first exposed by The Wall Street Journal.

Private-equity firm New Mountain Capital submitted a bid to buy R1 RCM in a deal that values the revenue-cycle-management provider at $5.58 billion. New Mountain, which already owns a roughly 32% stake in R1, made the $13.25-a-share nonbinding proposal after R1 granted a waiver of standstill restrictions in its investment agreement with the firm.

Mortgage rates posted their biggest jump since mid-April, despite market expectations for an interest-rate cut by the Federal Reserve later this year. The 30-year mortgage rate jumped back over 7%, breaking a three-week downward streak.


Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

07-03-24 1631ET