Peaked at #2 Off the board
Major US Bank Stocks Retreat Sharply
Major US bank stocks corrected sharply, with Goldman down 24% and Capital One 25%, KBW bank index off 14% from August peak.
Key points
- The KBW Nasdaq Bank Index, which tracks the 24 publicly traded U.S. banking stocks, is down 14% from its August peak.
- During the 2000, 2008, and 2020 market crashes, the KBW Nasdaq Bank Index peaked 4-8 months before the S&P 500 did.
Key points and the reaction summary are written by AI from the posts on this page. Check the original post. How we use AI
Original post
THE LARGEST BANKS IN THE US HAVE ENTERED THE CORRECTION TERRITORY.
JP Morgan: -11%
Bank of America: -19%
Citigroup: -15%
Wells Fargo: -18.5%
Goldman Sachs: -24%
Morgan Stanley: -19%
US Bancorp: -15%
Capital One: -25%
PNC Financial: -16%
BNY Mellon: -14%
Even the KBW Nasdaq Bank Index, which tracks the 24 publicly traded U.S. banking stocks, is now down 14% from its August peak.
What's even more interesting is that during the 2000, 2008, and 2020 market crashes, the KBW Nasdaq Bank Index peaked 4-8 months before the S&P 500 did.
This means if the Bank Index continues to drop even with the S&P 500 hitting new highs, it could be a major warning sign for the US stock market.
Top replies on X
Sign in to see 5 top replies from X
From @PainlessOne, @NuadanX, @_le_Lounge and others. Spam removed, with English and Chinese translations.
Discussion 0
Sign up Sign in to join the discussion
No comments yet. Start the conversation.