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By Val Brickates Kennedy and Greg Morcroft , MarketWatch NEW YORK — Shares of Regions Financial fell 7% on Wednesday and other regional banks also lost ground as weak economic data showing an anemic economy drove down the interest rates that banks can charge borrowers.
Treasury prices jumped Wednesday, pushing 10-year yields below 3% for the first time since December, after a pair of economic reports intensified worries about the U.S. economic recovery.
Ted Cronin, founder of Manchester Capital Management, explains how he's managing the risk of inflation in clients' portfolios and gives his outlook on inflation. .
Yields on 10-year notes, which move inversely to prices, fell 10 basis points to 2.97%, the biggest decline since March. A basis point is 1/100th of a percent. Read MarketWatch bond report.
Shares of some of the nation’s largest regional banks took a pounding on Wednesday. The KBW Regional Banking ETF /quotes/comstock/13*!kre/quotes/nls/kre KRE -3.67% fell 2.6% in afternoon trade. After Regions, BB&T Corp. /quotes/comstock/13*!bbt/quotes/nls/bbt BBT -5.77% SunTrust /quotes/comstock/13*!sti/quotes/nls/sti STI -6.43% and Fifth Third /quotes/comstock/15*!fitb/quotes/nls/fitb FITB -5.51% .
All four of the financial stocks in the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed DJIA -2.22% — American Express Co. /quotes/comstock/13*!axp/quotes/nls/axp AXP -3.28% , Travelers Cos. /quotes/comstock/13*!trv/quotes/nls/trv TRV -1.42% , Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac BAC -4.26% and J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm JPM -3.42% — gave ground, disappointed in below-forecast private-sector payrolls growth for May. Read more about ADP report.
A separate report on the manufacturing sector also proved disappointing, with the biggest one-month fall since 1984. See story.
The Financial Select Sector SPDR exchange-traded fund /quotes/comstock/13*!xlf/quotes/nls/xlf XLF -3.38% , which tracks the financial stocks in the S&P 500 /quotes/comstock/21z!i1:in\x SPX -2.28% , was down 2.2%.
T. Rowe Price Group Inc. was one of the steepest decliners on the Standard & Poor’s 500 index Wednesday, after Goldman Sachs downgraded the investment adviser to neutral from buy.
Shares of T. Rowe Price /quotes/comstock/15*!trow/quotes/nls/trow TROW -5.97% fell 4% at last check.
Meanwhile, Goldman lifted its rating on BlackRock Inc. /quotes/comstock/13*!blk/quotes/nls/blk BLK -3.02% to buy. BlackRock’s shares were down 1.5%, echoing the broader market.
Of the large-cap issues, Wells Fargo & Co. /quotes/comstock/13*!wfc/quotes/nls/wfc WFC -5.04% took the hardest hit, with shares dropping 3.8%. Next in line was Bank of America Corp., J.P. Morgan Chase, U.S. Bancorp /quotes/comstock/13*!usb/quotes/nls/usb USB -3.52% , Morgan Stanley /quotes/comstock/13*!ms/quotes/nls/ms MS -4.26% , and MetLife Inc. /quotes/comstock/13*!met/quotes/nls/met MET -3.33% , all down at least 2.7%.
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/quotes/comstock/13*!bbt/quotes/nls/bbt /quotes/comstock/13*!sti/quotes/nls/sti /quotes/comstock/15*!fitb/quotes/nls/fitb /quotes/comstock/10w!i:dji/delayed /quotes/comstock/13*!axp/quotes/nls/axp /quotes/comstock/13*!trv/quotes/nls/trv /quotes/comstock/13*!bac/quotes/nls/bac /quotes/comstock/13*!jpm/quotes/nls/jpm /quotes/comstock/13*!xlf/quotes/nls/xlf /quotes/comstock/21z!i1:in\x /quotes/comstock/15*!trow/quotes/nls/trow /quotes/comstock/13*!blk/quotes/nls/blk /quotes/comstock/13*!wfc/quotes/nls/wfc /quotes/comstock/13*!usb/quotes/nls/usb /quotes/comstock/13*!ms/quotes/nls/ms /quotes/comstock/13*!met/quotes/nls/met Val Brickates Kennedy is a reporter for MarketWatch in Boston. Greg Morcroft is MarketWatch's financial editor in New York. View the original article here
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