Bond yields have hovered at rock-bottom levels for years since the financial crisis, helping keep a cap on bank earnings. As soon as investors rotate out of bonds, the outlook for banks would perk up, analysts believed. Banks need a bigger spread between the short-term rates they pay depositors and the long-term rates they collect from borrowers in order to make money, and that differential is more compressed when rates are low. But rates have been on the rise for the past few weeks - the 10-year U.S.
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Treasury note has gained about 40 basis points in the year to date - but bank stocks haven't been immune to the broader market sell-off. In the month to date, the Financial Select Sector SPDR has tumbled 6.3%. Shares of Citigroup [s:c] are down 6.6%, shares of Bank of America Corp. Are down 5.4%, and shares of Wells Fargo & Co. [s:wfc] have plunged more than 11%, though that's in part due to the Federal Reserve sanctions announced February 2. JPMorgan Chase & Co.
Shares are still in the black for the month, but barely. Another reason the bank sell-off is notable: most analysts expected a lighter regulatory touch from Washington under the Trump administration.
Most believe there's a difference between regulatory red tape and enforcement of the kinds of misdeeds Wells Fargo engaged in, but the Fed's actions have still unsettled investors. Elive Topaz Installer Module. 6, 2018 at 8:11 a.m.
ET • by Andrea Riquier. The largest exchange-traded fund to track the financial sector fell sharply on Monday, dropping for a second straight session and hitting an one-month low. The Financial Select Sector SPDR ETF fell 1.8%, extending a 2.2% decline on Friday, which represented the biggest one-day drop for the fund since May.
The ETF is trading at its lowest level since Jan. 11, and it has lost nearly 5% since an intraday peak hit on Jan. The sector's weakness was driven by Wells Fargo & Co., which tumbled 7.7% after the bank said Federal Reserve sanctions over customer-accounts scandals could cut into profit by as much as $400 million this year. The decline in banks shares also comes as the yield for the benchmark 10-year Treasury note climbs to 2.85%, extending its highest level in about four years. Bruker Apex Software.
Rising yields, in theory, should be beneficial to a bank's lending business. Among other banks, JPMorgan Chase & Co. Was down 0.6% while Citigroup Inc.
Lost 1.3% and Bank of America Corp. Was off 1.2%. The sector was the biggest decliner of the day by far, in terms of the 11 primary S&P 500 industry groups. The Dow Jones Industrial Average fell 0.8% while the S&P 500 was down 0.6% and the Nasdaq Composite Index fell 0.3%. 5, 2018 at 10:08 a.m. ET • by Ryan Vlastelica.
Citigroup Inc. Citigroup, Inc. Is a global financial services holding company, which engages in the provision of a range of financial products and services including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services, and wealth management. It operates through the Citicorp and Citi Holdings segments. The Citicorp segment consists of the company's Global Consumer Banking and Institutional Clients Group businesses; as well as corporate and other functions.