Financials continue to struggle post-rate hike

|By:, SA News Editor

The major averages are off just a fraction today, but the KRE and KBE are down 1%, and the broader financial sector (NYSEARCA:XLF), 0.5%.

In a bit of buy the rumor/sell the news action, interest rates - and with them financials/banks - topped out just ahead of the Fed rate hike last Wednesday.

The 10-year Treasury yield - above 2.60% ahead of the Fed move - is down another three basis points today to 2.47%.

BofA (BAC -1.3%), Morgan Stanley (MS -1.1%), Citigroup (C -0.8%), KeyCorp (KEY -0.4%), BB&T (BBT -0.6%), U.S. Bancorp (USB -0.1%), MetLife (MET -0.2%), Prudential (PRU -0.4%), Schwab (SCHW -0.9%)