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Bank Stocks Retreat From Rally on Doubt Profit Boom to Last


Bank Stocks Retreat From Rally on Doubt Profit Boom to Last
Matt Turner, Bloomberg News
BC-Bank-Stocks-Retreat-From-Rally-on-Doubt-Profit-Boom-to-Last
, Matt Turner
(Bloomberg) After soaring during the first half of the year, U.S. bank stocks have been under pressure ahead of second-quarter earnings reports on speculation that the results won’t be strong enough to justify the heady run up.
The S&P 500 Banks Index, which has been one of the best performing segments this year, has slumped more than 6% over the past five weeks even as the broader market advanced.
The pullback began in early June after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon signaled that the pandemic era trading boom could be drawing to a close, indicating that revenue from that business would drop in the second quarter by more than previously expected. Executives from Citigroup Inc. and Morgan Stanley also sought to t ....

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