US banks fall for second straight session after weak economic data

First Horizon

02/08/2024 16:05

(Updates)
    ** Shares of major U.S. banks fall for second straight
session, as weak economic data sparks investor concerns around
the economy falling in recession
    ** A measure of U.S. manufacturing activity dropped to an
eight-month low in July amid a slump in new orders, data on
Thursday showed
    ** Data on Friday showed U.S. job growth slowed more than
expected in July, while unemployment rate increased, which could
heighten fears that the labor market is deteriorating and
potentially making economy vulnerable to recession 
    ** JPMorgan Chase & Co  JPM.N , Wells Fargo & Co  WFC.N ,
Morgan Stanley  MS.N , Citigroup  C.N , Bank of America  BAC.N 
and Goldman Sachs  GS.N  drop between 3.8% and 6.7%
    ** Regional Banks also following same trajectory with
Western Alliance Bancorp  WAL.N , KeyCorp  KEY.N , First Horizon
 FHN.N , Citizens Financial  CFG.N  down between 4.5% and 6.6%
    ** Stocks are tracking fall in U.S. Treasury yields as the
benchmark 10-year yield declines 15.2 bps to 3.826%
    ** S&P 500 banks  .SPXBK  index down 4.4% and KBW regional
banking index  .KRX  down 4.1%

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))