Wells Fargo left out of financials rally after reducing dividend
The S&P 500 is back at session highs with a 1.0% gain. The Russell 2000 is also up 1.0%. Within the S&P 500 financials sector (+1.1%), most components are trading higher with the exception of Wells Fargo (WFC 25.56, -0.15, -0.6%) after it reduced its Q3 dividend following its stress test results. The other large banks maintained their dividends. Looking ahead, FedEx (FDX 139.27, +4.72, +3.5%) will be reporting its earnings results after today's closing bell, followed by Constellation Brands (STZ 172.95, -1.22, -0.7%) and General Mills (GIS 61.21, +0.47, +0.8%) tomorrow morning.