The financial sector is bracing for a broad selloff Thursday, amid weakness in the broader market and continued declines in Treasury yields. The SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -2.03% slumped 1.8% in premarket trading, enough to pace the declines in all of the SPDR ETFs tracking the S&P 500's /zigman2/quotes/210599714/realtime SPX -1.48% 11 sectors. Among the financial ETF's most heavily weighted components, shares of Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B -0.95% fell 1.4%, J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM -4.18% shed 2.1%, Bank of America Corp. /zigman2/quotes/200894270/composite BAC -3.12% dropped 2.6%, Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -1.90% gave up 2.7% and Citigroup Inc. /zigman2/quotes/207741460/composite C -2.14% slid 2.4%. The declines come as S&P 500 futures /zigman2/quotes/209948968/delayed ES00 -1.31% slumped 1.4% and the yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +4.20% was down 4.8 basis points to a 5-month low of 1.271%, amid concerns over future economic growth. Falling longer-term interest rates can hurt bank profits, as they reduce the spread banks earn on longer-term assets, such as loans, which are funded by shorter-term liabilities.