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Jun 3, 2016

MarketWatch - June 3, 2016: Financial Stocks Turns Sharply Lower After Weak Jobs Report



marketwatch.com
 
Tomi Kilgore
Published: June 3, 2016 8:50 a.m. ET
By
Reporter
Financial stocks turned sharply lower ahead of Friday's open, after Treasury yields sank in the wake of a much weaker-than-expected May jobs report. The SPDR Financial Select Sector ETF XLF, -1.59% slumped 1.6% in premarket trade, after trading up 0.1% before the jobs report was released. Among the ETF's more heavily-weighted components, shares of J.P. Morgan Chase & Co. JPM, -1.93% shed 1.8%, of Bank of America Corp. BAC, -2.88% lost 2.8%, of Citigroup Inc. C, -2.68% slid 2.8%, of Wells Fargo & Co. WFC, +0.22% declined 1.7% and of Goldman Sachs Group Inc. GS, -0.43% gave up 1.9%. The yield on the 10-year Treasury note dropped 6.7 basis points to 1.744%, after the Labor Department said only 38,000 new jobs were created in May, below expectations of 155,000 jobs. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.
  • XLF
    -0.38 -1.59%
  • JPM
    -1.27 -1.93%
  • BAC
    -0.43 -2.88%
  • C
    -1.26 -2.68%