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Financials plunge as suspect transaction report rattles banks

Sep. 21, 2020 2:11 PM ETFinancial Select Sector SPDR® Fund ETF (XLF)XLF, JPM, BK, KBE, BCSBy: Kim Khan, SA News Editor68 Comments
  • 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.

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