- The S&P 500 Financials Index falls for the 12th straight today, the longest losing streak ever.
- The flattening yield curve and consumer confidence are both cause for concern. As well, investors are waiting for the second half of the Federal Reserve's stress test for financial institutions, which will determine how much in dividends they'll be able to pay and/or how many shares they'll be able to buy back.
- The S&P 500 Financials -0.3% late Tuesday.
- Also, the Financial Select Sector SPDR EFT (XLF -0.3%) has declined in the past seven trading days.
- By late afternoon trading though, Bank of America (BAC +0.4%), Citigroup (C +1%), JPMorgan(JPM +0.1%), and Goldman Sachs (GS +0.1%) were up.
- Wells Fargo (WFC -1%) and Morgan Stanley (MS -0.1%) are down as are most regional banks, including Fifth Third (FITB -1.5%), KeyCorp (KEY -1.2%), and M&T Bank (MTB -1%).
- Previously: Consumer confidence drops for second straight month (June 26)
- Now read: Entry Points For Bank Of America And Citi On The Sell-Off
Original article