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Small loss in S&P 500 Financials on Wednesday understates regional bank slump
The S&P 1500 Regional Bank Index fell almost 2% Wednesday, but you wouldn't know it by looking at just the 0.10% loss in the S&P 500 Financials Index.
That's because the S&P 500 Financials includes financial data and stock exchange companies such as S&P Global, credit servicing companies such as Visa, capital markets stocks such as Goldman Sachs, insurance, insurance brokers and asset managers.
How weak were the regionals? Truist Financial led to the downside, falling 4.6%. $Citizens Financial (CFG.US)$ dropped 3.3%. $Bank OZK (OZK.US)$ lost 2.9%. $M&T Bank (MTB.US)$ shed 2.7%. Huntington Bancshares dropped 2.7%.
In fact, 90 of the 93 regional banks in the index retreated Wednesday. $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$
That's because the S&P 500 Financials includes financial data and stock exchange companies such as S&P Global, credit servicing companies such as Visa, capital markets stocks such as Goldman Sachs, insurance, insurance brokers and asset managers.
How weak were the regionals? Truist Financial led to the downside, falling 4.6%. $Citizens Financial (CFG.US)$ dropped 3.3%. $Bank OZK (OZK.US)$ lost 2.9%. $M&T Bank (MTB.US)$ shed 2.7%. Huntington Bancshares dropped 2.7%.
In fact, 90 of the 93 regional banks in the index retreated Wednesday. $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$
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