Traders are watching this group of stocks to gauge how much investors really fear a recession

After what happened with bank stocks Monday, investor attention is going to shift to the Goldman Sachs US Financial Services Conference that opens today. The S & P 500 was down 1.8% yesterday but regional bank stocks were among the worst performers: Zions Bancorp down 7.3%, Fifth Third lower by 6.5%, KeyCorp down 5.9%, Truist off 5.5%. Regional bank stocks tend to move with the S & P, so that is a very big selloff, and volumes were elevated as well.

Even though it was mostly expected, it could still generate a little near-term weakness in the shares," he said. Deposit contraction means there is less ability to fund loan growth. "If funding costs are going up, it will be less profitable to be a bank than it has been over the past year," Siefers told me. Others think investors are simply catching up with the "higher for longer" interest rate environment.

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