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Jan. 27, 2020, 9:09 a.m. EST

Financial stocks sink as coronavirus fears send Treasury yields lower

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By Tomi Kilgore

Financial stocks sank Monday, as worries over the impact of the fast-spreading coronavirus out of China on economic growth sent Treasury yields to multi-month lows. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -3.25% slumped 1.8% toward a 7-week low. Among the more active components in premarket trading, shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC -4.74% slid 2.7%, Citigroup Inc. /zigman2/quotes/207741460/composite C -5.12% shed 2.5%, J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM -2.69% dropped 2.2%, Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -2.75% gave up 1.9% and Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B -3.33% declined 1.6%. Meanwhile, futures /zigman2/quotes/210407337/delayed YMH20 +0.39% for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -3.56% were down 430 points, or 1.5%. The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.24% fell 6.3 basis points to a 3 1/2-month low of 1.618%. Lower long-term interest rates could hurt bank profits, as the spread between what they could earn on longer-term liabilities, such as loans, which are funded by shorter-term assets.

/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 29.77
-1.00 -3.25%
Volume: 56,678
Feb. 24, 2020 8:00p
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/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 32.73
-1.63 -4.74%
Volume: 79.16M
Feb. 24, 2020 6:30p
P/E Ratio
11.89
Dividend Yield
2.20%
Market Cap
$285.69 billion
Rev. per Employee
$543,289
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 72.53
-3.91 -5.12%
Volume: 21.10M
Feb. 24, 2020 6:30p
P/E Ratio
9.00
Dividend Yield
2.81%
Market Cap
$153.34 billion
Rev. per Employee
$479,167
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/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 132.16
-3.65 -2.69%
Volume: 13.62M
Feb. 24, 2020 6:30p
P/E Ratio
12.33
Dividend Yield
2.72%
Market Cap
$414.52 billion
Rev. per Employee
$497,647
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 46.39
-1.31 -2.75%
Volume: 23.08M
Feb. 24, 2020 6:30p
P/E Ratio
11.53
Dividend Yield
4.40%
Market Cap
$191.80 billion
Rev. per Employee
$392,114
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/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 221.69
-7.64 -3.33%
Volume: 7.93M
Feb. 24, 2020 6:30p
P/E Ratio
6.67
Dividend Yield
N/A
Market Cap
$542.13 billion
Rev. per Employee
$637,113
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/zigman2/quotes/210407337/delayed
US : U.S.: CBOT
$ 28,077.00
+109.00 +0.39%
Volume: 120,063
Feb. 25, 2020 8:13a
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,960.80
-1,032 -3.56%
Volume: 458.71M
Feb. 24, 2020 5:04p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.37
-0.0033 -0.24%
Volume: 0.00
Feb. 25, 2020 9:22a
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