- There's not a whole lot going on with the major averages this morning, but the financial sector is taking another beating, with the XLF down 1.5%. The banks are even worse - the KRE down 2.3%, and KBE off 2.2%.
- The KRE is lower by 10.5% YTD, and the KBE 8% - a whopping underperformance to the XLF's 3% advance, and the S&P 500's 10% gain.
- At least partly to blame is a sizable flattening in the yield curve - while the Fed has hiked twice this year, the 10-year yield has tumbled all the way to its current 2.05% (the lowest since the election) vs. its 2017 start around 2.45%.
- Citigroup (C -2.1%), Morgan Stanley (MS -2.2%), U.S. Bancorp (USB -1.7%), Huntington Bancshares (HBAN -2.4%), BB&T (BBT -2.3%), SunTrust (STI -2.5%)
- ETFs: XLF, FAS, FAZ, VFH, UYG, IYF, FNCL, BTO, IYG, FXO, SEF, RYF, FINU, XLFS, FINZ, RWW, FAZZ, JHMF, FNCF
- Now read: On An Absolute Basis, It's Hard To Justify Market Valuations
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Financials continue to lose ground; banks down more than 2%
Published 09/07/2017, 10:28 AM
Financials continue to lose ground; banks down more than 2%
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