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Financials drop as Treasurys rally

  • With the needle once again moving to risk-off and Treasury yields slipping, financial stocks take a hit.
  • The Financial Select Sector SPDR ETF (NYSEARCA:XLFslides 1.2% in late afternoon trading, outpacing the S&P 500's 1.0% decline. YTD, though, XLF is up 18%, slightly lagging the S&P's 19% gain.
  • Among the U.S.-based megabanks, Goldman Sachs (GS -3%), Citigroup (C -2.6%), and Morgan Stanley (MS -2.4%) fall the most.
  • SPDR S&P Regional Banking ETF (NYSEARCA:KRE) falls even more, down 1.8%. Among the biggest decliners are Huntington Bancshares (HBAN -1.8%), Bank OZK (OZK -1.9%), Regions Financial (RF -1.4%), SunTrust Banks (STI -1.5%), BB&T (BBT -1.4%), and KeyCorp (KEY -1.1%).
  • Among, credit card companies Alliance Data Systems (ADS -2.3%), Discover Financial (DFS -1.9%), and Capital One (COF -1.8%) slip the most.
  • Life insurers also drop -- Brighthouse Financial (BHF -1.6%), ManuLife Financial (MFC -1.1%), and Principal Financial Group (PFG -1.2%).
  • The four biggest online brokers take hefty jog down -- Interactive Brokers (IBKR), Charles Schwab (SCHW -2.1%), E*Trade (ETFC -2.3%), and TD Ameritrade (AMTD -2.3%).

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Related Stocks

SymbolLast Price% Chg
XLF--
Financial Select Sector SPDR® Fund ETF
GS--
The Goldman Sachs Group, Inc.
C--
Citigroup Inc.
MS--
Morgan Stanley
KRE--
SPDR® S&P Regional Banking ETF