Big US bank stocks log worst weekly losing streak since 2008
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Big US bank stocks recorded their worst weekly losing streak since the 2008 Global Financial Crisis.
- ✓The KBW Bank Index fell nearly 1% this week, marking six weeks of losses.
- ✓Analyst Herman Chan said, “Big-bank stocks are facing a confluence of concerns, with a higher-for-longer rate backdrop raising the risk.”
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- MARKET
- Reported By
- Moneycontrol
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- 2 Minute(s)
- Market Focus
- India Economy
Big US bank shares recorded their worst weekly losing streak since the 2008 Global Financial Crisis after quarterly earnings didn’t do enough to lift sentiment for the ailing sector.
The 24-member KBW Bank Index fell nearly 1% this week and is well into correction territory, losing about 13% since its last record in August. While the group has suffered larger selloffs over the years — including an almost 17% drawdown early this year — its six-week long decline would mark the longest such losing streak since 2008.
Citigroup Inc., State Street Corp., Bank of America Corp. and Morgan Stanley are among the worst performers on the gauge. While, JPMorgan Chase & Co. is up about 2% for the week.
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