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Can the Stock Market Go Up Without Banks? We're About to Find Out.

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The financial sector accounts for 12.6% of the S&P 500, making it the third-biggest of the 11 sectors, after information technology and health care.

Big tech has soared this year, bringing the broader market along with it. Yet investors hoping that the good times will keep rolling should be more concerned about banks’ woes than tech’s wins.

In response to that, and excited by the potential profits from artificial intelligence, investors have flocked to well capitalized tech stocks. Friday brought some good news for the beleaguered sector. Wells Fargo’s earnings were better than expected, making the stock one of the best performers in the S&P 500 for the day, while Citigroup’s upbeat results offered hope that its turnaround is succeeding.

The so-called Magnificent Seven—Apple , Amazon.com , Alphabet , Meta Platforms , Microsoft , Nvidia , and Tesla —account for some 28% of the S&P 500 by market capitalization. With all but Meta and Telsa valued at well over a trillion dollars, they dwarf JPMorgan’s $436.4 billion market capitalization.

Roque argued that indicates the shares could break through their $300 level of support, and fall back to $250. He said that Morgan Stanley’s chart shows similar issues, and that the stock could drop to $60.On Oct. 5, Mark Newton, FundStrat’s head of technical strategy, suggested that investors steer clear of regional banks for the moment, though he said they may finally be at least close to hitting a low after having “performed miserably” recently.

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