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Bank correction leads retreat in markets

Mar. 27, 2017 10:21 AM ETBank of America Corporation (BAC) StockXLF, BAC, GS, C, FITB, USB, KBE, MTB, STI, KRE, RF, KEY, PNCBy: Stephen Alpher, SA News Editor111 Comments
  • The major indexes are down just 0.6%, but the KRE and KBE are each lower by well over 2% in early action. This just in ... both of these banking indexes are off 10% this month.
  • The broader XLF is down 1.4% today, and 5.5% for the month.
  • Bank investors may be adjusting the odds of regulatory reform given the GOP's healthcare failure. There's also interest rates, and the curve continues to flatten with the 10-year yield down another six basis points to 2.36%.
  • Morgan Stanley is down 4% after Charles Peabody downgraded to Sell, citing a lofty valuation following a 60% Y/Y run higher.
  • Bank of America (BAC -2.4%), Goldman (GS -2.4%), Citigroup (C -0.9%), Regions (RF -2.5%), U.S. Bancorp (USB -1.7%), KeyCorp (KEY -2.2%), PNC Financial (PNC -2.1%), Fifth Third (FITB -2.4%), SunTrust (STI -2.5%), M&T (MTB -2.1%)

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