A dozen S&P 500 banks stocks are falling more than 10%, and half of those are down more than 20%
The stocks of 12 components, all banks, of the S&P 500 are down more than 10%, and five stocks are down more than 20%. The biggest decliners are shares of First Republic Bank (FRC), down 74.3%; Comerica Inc. (CMA), shedding 45.7%; KeyCorp (KEY), losing 34.6%; Zions Bancorp (ZION), off 31.6%; and Fifth Third Bancorp (FITB), giving up 25.9%. Meanwhile, among some of the S&P 500's larger capitalization banks, shares of J.P. Morgan Chase & Co. (JPM) slid 0.8%, Bank of America Corp. (BAC) sank 4.5% and Wells Fargo & Co. (WFC) dropped 6.6%. The selloff comes in the wake of recent failures of S&P 500 components SVB Financial Group's (SIVB) Silicon Valley Bank and Signature Bank (SBNY). Meanwhile, the S&P 500 was down 0.4%.
-Tomi Kilgore
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March 13, 2023 10:26 ET (14:26 GMT)
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