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. 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. Shadowmaster V1.13 here. [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.
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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. 6, 2018 at 8:11 a.m. Gateway Ma7 Drivers For Vista more.
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.