Back near session lows as bank stocks get hit
The S&P 500 currently trades near session lows with a loss of 2.6%. The small-cap Russell 2000 trades lower by 2.9%. Financial stocks continue to get hit, pressured by the steep drop in yields and concerns over net interest margins. Shares of Bank of America (BAC 26.35, -1.38, -5.0%) and Citigroup (C 61.31, -3.51, -5.4%) have dropped at least 5.0%, while shares of JPMorgan Chase (JPM 104.83, -4.50, -4.1%) are down just over 4.0%. Looking ahead, Cisco Systems (CSCO 50.64, -2.09, -4.0%) will release its earnings report after today's close, and Wal-Mart (WMT 106.57, -0.84, -0.8%) will report prior to tomorrow's open.