- Not surprisingly, financial stocks are mostly down today, as are the broader markets, dogged by persistent uncertainty over trade and a yield curve that remains stubbornly flattish.
- The Financial Select Sector SPDR ETF (NYSE:XLF) -0.4% in late afternoon trading. Morgan Stanley (MS -0.7%) and Wells Fargo (WFC -0.7%) are leading big banks down; JPMorgan(JPM), though, manages a slight gain.
- Asset managers and private equity firms are among the biggest losers this afternoon, led by WisdomTree (WETF -2.6%) and Invesco (IVZ -2.1%), Janus Henderson (JHG -2.2%). and Oaktree Capital (OAK -1.2%).
- Some bond funds that have been betting that long-term yields would soon improve are feeling the pressure. For example, investors have been pulling cash from Bill Gross's bond fund at Janus Henderson.
- Insurers, of course, also feel the pain when yields refuse to rise. Leading the sectors' decline are Manulife Financial (MFC -2.4%), Brighthouse Financial (BHF -2.3%), AEGON (AEG -1.7%), MetLife(MET -1.7%), Aflac (AFL -1.8%), and AIG (AIG -1.4%).
- Previously: Markets skid amid heavy trade anxiety (July 11)
- Now read: Dividend Champion Spotlight: Aflac Incorporated
Original article