- Bank stocks are taking on the chin as a report of suspicious financial transactions added further selling pressure to the broader risk-off market day.
- The SPDR Financial Sector ETF (XLF, -4.2%) is the second-worst performing sector in the S&P.
- Deutsche Welle reports that Deutsche Bank appears to have facilitated more than half of the leaked $2T of suspicious transactions that were flagged to the U.S. Treasury’s Financial Crimes Enforcement Network.
- Among the stocks named in the report are J.P. Morgan (JPM, -4.5%), BNY Mellon (BK, -5.1%) and Barclays (BCS, -6.3%).
- The SPDR Bank Index (KBE, -6%) is also down sharply.
- Interest rates are falling, with the 10-year Treasury yield at 0.66%, down about 3 basis points.
- XLF is now trading below its 50-day simple moving average.
Financials plunge as suspect transaction report rattles banks
Recommended For You
About XLF ETF
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
XLF | - | - |
Financial Select Sector SPDR® Fund ETF |