Financials Down With Treasury Yields -- Financials Roundup

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Financials Down With Treasury Yields -- Financials Roundup

Dow Jones2023-09-08

Shares of banks and other financial institutions fell alongside Treasury yields as investors calibrated expectations for rate hikes.

"You have no earnings or anything at the moment so it's pretty much all about inflation numbers, because there's nothing else to trade on," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.

A review of S&P 500 charts suggest that the losses in August could be recouped in September, said one strategist.

"Stocks are on firm footing this year, preventing the chance of a dramatic 'banana peel,'" said Ryan Detrick, chief market strategist at research firm Carson Group.

"When stocks were up more than 10% heading into September, but on the heels of a red August, September has been higher eight out of ten times," Detrick said.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

September 07, 2023 16:49 ET (20:49 GMT)

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