Financial stocks enjoyed a broad rally Monday, after President Trump's declaration that he would not impose tariffs on imports from Mexico helped push up Treasury yields and spark a broader stock market rally. The SPDR Financial Select Sector ETF jumped 1.1%, with 63 of 67 components trading higher.
Among the more heavily weighted components, shares of Goldman Sachs Group Inc. Gained 2.5% to pace the Dow Jones Industrial Average's gainers, while J.P.
Morgan Chase & Co.' S stock was in second with a 1.5% rise. Elsewhere, shares of Citigroup Inc. Jumped 2.6% to pace the financial ETF's gainers, Bank of America Corp. Hiked up 2.4% and Wells Fargo & Co. Advanced 1.4%.
The Dow gained 148 points, or 0.6%, and the yield on the 10-year Treasury note rose 4.5 basis points to 2.129%. Higher longer-term yields can help boost bank profits, as the spread between what banks earn on longer-term assets, such as loans, the cost of shorter-term liabilities used to fund those assets widens. Jun. 10, 2019 at 9:52 a.m.
ET. by Tomi Kilgore. Financial stocks swung to losses in premarket trade Friday, after a big miss in the May jobs report sent Treasury yields lower, which could weigh on bank profits. The SPDR Financial Select Sector ETF fell 0.4% in premarket trade, after being up 0.3% just before the data was released. Among the ETF's most heavily weighted components, shares of J.P.
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Morgan Chase & Co. Fell 0.7% after being up 0.3% just before the data; Bank of America Corp. Swung to a loss of 1.0% after being up 0.3%; Citigroup Inc. Dropped 1.1% after being up 0.3%; and Wells Fargo & Co.
Lost 0.7%, after gaining less than 0.1%. The yield on the 10-year Treasury note fell 3.9 basis points toward a 21-month low of 2.084%. Lower longer-term interest rates could hurt bank profits, as it could narrow the spread between what the banks make on longer-term assets, such as loans, and the costs of shorter-term liabilities. Meanwhile, futures for the Dow Jones Industrial Average inched up 4 points. Jun. 7, 2019 at 8:42 a.m. ET.
by Tomi Kilgore. Citigroup Inc.Citigroup, Inc.
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Is a holding company, which engages in the provision of financial products and services. It operates through the following segments: Global Consumer Banking; Institutional Clients Group; and Corporate and Other. The Global Consumer Banking segment provides traditional banking services to retail customers through retail banking, including commercial banking, and Citi-branded cards and Citi retail services.
The Institutional Clients Group segment provides corporate, institutional, public sector and high-net-worth clients around the world with a full range of wholesale banking products and services. This segment includes fixed income and equity sales and trading, foreign exchange, prime brokerage, derivative services, equity and fixed income research, corporate lending, investment banking and advisory services, private banking, cash management, trade finance and securities services. The Corporate and Other segment includes certain unallocated costs of global staff functions, other corporate expenses and unallocated global operations and technology expenses, Corporate Treasury, certain North America and international legacy consumer loan portfolios, other legacy assets and discontinued operations. Jackie mittoo showcase flac. The company was founded in 1812 and is headquartered in New York, NY.