Bank stocks outpace broad market into the red as higher bond yields impact the value of their portfolios

A spike in bond yields on Tuesday threatened to pose yet another headache for down-beaten bank stocks, which moved into the red more deeply than the broader market.

The Financial Select Sector SPDR XLF was down 1.9% on Tuesday, greater than the 1.6% drop by the S&P 500 SPX. The financial sector was the third-worst performer among 11 subsectors in the index, including a 4.6% drop from Charles Schwab Corp. SCHW, -4.26%, and 4% slides from Synchrony Financial SYF, -4.07%, Goldman Sachs Group Inc. and T. Rose Price Group. TROW, -4.19%.Among other indexes in Tuesday trading, the KBW Nasdaq Index BKX was down 2.

On the plus side, Coffey said some have worried that banks will lose deposits as rates climb, but so far that has not been the case, he said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

S&P 500 Earnings Yield Hits Highest Level Since Mid-May ’23Stocks Analysis by Brian Gilmartin covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Brian Gilmartin's latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Q4 Kicks Off Amid Significant Risks: Is the Bull Market Already Over?Market Overview Analysis by Investing.com (Francesco Casarella) covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Investing.com (Francesco Casarella)'s latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Stock-market rout puts all eyes on 4,200 level for S&P 500The stock market selloff has the S&P 500 approaching a “cluster of support” on the charts, notes a top Wall Street technician.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock Market News Today: Dow Falls 500 Points; Meta, VinFast Stocks in FocusLive coverage of what's moving stocks and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite
Source: WSJ - 🏆 98. / 63 Read more »