- Banks lead midday U.S. stock market declines as the U.S. Treasury yields narrow and news that trade talks with China weren't as productive as originally made out to be.
- The 2-10 curve now stands at a mere 11 basis points.
- Financial Select Sector SPDR ETF (NYSEARCA:XLF) -3.6%; YTD,it's now down 4.7%.
- Looking at individual stocks: Bank of America (BAC -4.9%), Citigroup (C -4.1%), JPMorgan Chase (JPM -2.9%), Wells Fargo (WFC -3.3%), Goldman Sachs Group (GS -3%), and Morgan Stanley (MS -4.9%).
- SPDR S&P Regional Banking ETF (NYSEARCA:KRE) sinks 5.4%; YTD, -7.2%
- Among the biggest decliners: Bank OZK (OZK -9.1%), which was downgraded by Piper today; Regions Financial (RF -5.5%), Fifth Third (FITB -5.4%), Axos Financial (AX -5.3%), SunTrust Banks (STI -5%), PNC Financial (PNC -4.8%), and CIT Group (CIT -4.8%).
- Previously: Averages tumble in afternoon action (Dec. 4)
- ETFs: XLF, FAS, FAZ, VFH, UYG, FNCL, IYF, BTO, IYG, RYF, FXO, SEF-OLD, FINU, FINZ, JHMF
- Now read: Deutsche Bank (DE:DBKGn): Police Raid Intensifying An Already Long And Deep Rout
Original article