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Financials take a beating as trade spat intensifies

  • Banks continue their downward trajectory as President Trump announces tariffs on $50B of Chinese imports and the markets brace for China to retaliate with its own set of tariffs.
  • The DJIA lost 212.8 points, down 0.85%, to 24,962.5 in late morning trading; the 10-year Treasury yield falls to 2.899%, down from yesterday's close of 2.938%; (TBT -0.9%).
  • Banks based outside of the U.S. are taking some of  the biggest hits--Royal Bank of Scotland (RBS -2.4%), Barclays (BCS -2.4%), Credit Suisse (CS -2%), all lost at least 2%  at some point in morning trading; (EUFN -1.4%).
  • In the U.S., Bank of America (BAC -1.3%) and Goldman Sachs (GS -1.2%) fared the worst; (XLF -1%); Wells Fargo (WFC +0.3%) eked out a small gain after news that its settlement over opening customer accounts without their knowledge received final approval by the court.
  • Regional banks, too, got caught up in the downturn--Bank of the Ozarks (OZRK -1.6%), CIT Group (CIT -1.3%), and SunTrust Banks (STI -1.2%) were among the worst; U.S. Bancorp (USB +0.2%) and PNC Financial (PNC +0.3%) both managed gains.
  • It didn't help to go north of the U.S. border; Toronto-Dominion (TD -1.2%) led the decline there.
  • Life insurers also felt the pain, led by AEGON (AEG -2.9%), MetLife (MET -2.1%), and Prudential Financial (PRU -1.4%).
  • ETFs: EUFN, IXG, EUFL, DFNL, XLF, FAS, FAZ, VFH, UYG, FNCL, IYF, BTO, IYG, RYF, FXO, SEF-OLD, FINU, RWW, FINZ, JHMF, FAZZ, FNCF
  • Previously: Trade fight between U.S. and China escalates (June 15)

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