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

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Financial stocks in S&P 500 lag as bond prices push down the value of their bank bond holdings.

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.

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