- 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:XLF) slides 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%).
Financials drop as Treasurys rally
Financial Select Sector SPDR® Fund ETF (XLF), GS Stock, C Stock, MS Stock, KRE, HBAN Stock, OZK Stock, RF Stock, STI Stock, TFC Stock, KEY Stock, BFH Stock, DFS Stock, COF Stock, BHF Stock, MFC Stock, PFG Stock, IBKR Stock, SCHW Stock, ETFC Stock, AMTD-OLD Stock, MFC:CA StockLiz Kiesche, 14 Comments