The conventional wisdom that h

2022-09-27

The conventional wisdom that higher rates are good for bank stocks has been a losing bet for investors this year, and it is no different on Monday.

Shares of Goldman Sachs dropped 2.3%, making the investment bank one of the worst performers in the Dow. JPMorgan and Morgan Stanley each dropped nearly 2%, while Citigroup sank 3%.

Non-bank financials are also taking it on the chin. American Express fell 2%, while insurance stock Travelers shed 3%.

Real estate and utilities were the two biggest laggards in the S&P 500 during Monday trading, with the sectors down 3.1% and 2.5%.

Shares of real estate companies Ventas and Kimco Realty were the two worst performing stocks in the broader market index, falling 5% and 4.8%.

Utilities companies AES and First Energy declined 4.5% and 3.3% each.

@Daily_Discussion

💰 Stocks to watch today?(22 Nov)

1. What news/movements are worth noting in the market today? Any stocks to watch? 2. What trading opportunities are there? Do you have any plans? 🎁 Make a post here, everyone stands a chance to win Tiger coins!

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Comments

liewtc60
2022-09-27
liewtc60
Although the banks are well-capitalized and with positive provisioning, higher interest may improve their margin but at the expense of lower new loan growth as a result of higher lending costs.
AE2
2022-09-27
AE2
All down down down
Xpand
2022-09-27
Xpand
K
HuatZzz
2022-09-27
HuatZzz
👍
Rudyy
2022-09-27
Rudyy
ok
suresh11
2022-09-27
suresh11
k

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