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Nov. 30, 2021, 9:02 a.m. EST

Bank stocks dive as omicron fears send Treasury yields sinking

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By Tomi Kilgore

The financial sector was hit hard in premarket trading Tuesday, as concerns over the potential impact of the omicron variant of COVID on the economy sent Treasury yields sharply lower. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -0.65% slid 1.5% ahead of the open toward a seven-week low, with 58 of its 65 equity components trading lower, while futures /zigman2/quotes/209948968/delayed ES00 -2.29% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.87% were down 0.8%. Among the more-active ETF components, shares of Citigroup Inc. /zigman2/quotes/207741460/composite C +0.37% slumped 2.0%, Morgan Stanley /zigman2/quotes/209104354/composite MS -1.04% slid 1.6%, JPMorgan Chase & Co. /zigman2/quotes/205971034/composite JPM -0.92% lost 1.8%, Bank of America Corp. /zigman2/quotes/200894270/composite BAC +0.74% dropped 2.0% and Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -0.38% declined 2.0%. The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.40% declined 10.6 basis points to a two-month low of 1.424%, and has now dropped 24.3 basis points over the past four sessions. Lower longer-term interest rates can hurt bank profits, as it narrows the spread they earn on longer-term assets, such as loans, that are funded with shorter-term liabilities.

/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 38.06
-0.25 -0.65%
Volume: 43.66M
Jan. 25, 2022 12:12p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,303.00
-100.75 -2.29%
Volume: 1.35M
Jan. 25, 2022 11:02a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,327.46
-82.67 -1.87%
Volume: 1.16B
Jan. 25, 2022 12:12p
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 62.93
+0.23 +0.37%
Volume: 12.11M
Jan. 25, 2022 12:12p
P/E Ratio
6.22
Dividend Yield
3.25%
Market Cap
$124.42 billion
Rev. per Employee
$381,305
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/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 97.06
-1.02 -1.04%
Volume: 5.38M
Jan. 25, 2022 12:12p
P/E Ratio
12.07
Dividend Yield
2.89%
Market Cap
$176.00 billion
Rev. per Employee
$898,838
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 143.62
-1.33 -0.92%
Volume: 6.95M
Jan. 25, 2022 12:12p
P/E Ratio
9.33
Dividend Yield
2.79%
Market Cap
$428.37 billion
Rev. per Employee
$497,080
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 44.88
+0.33 +0.74%
Volume: 27.24M
Jan. 25, 2022 12:12p
P/E Ratio
12.56
Dividend Yield
1.87%
Market Cap
$364.60 billion
Rev. per Employee
$440,615
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 53.12
-0.20 -0.38%
Volume: 15.30M
Jan. 25, 2022 12:12p
P/E Ratio
10.69
Dividend Yield
1.50%
Market Cap
$207.19 billion
Rev. per Employee
$306,881
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.76
-0.0071 -0.40%
Volume: 0.00
Jan. 25, 2022 12:12p
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