{"id":31865,"date":"2023-10-19T13:03:53","date_gmt":"2023-10-19T13:03:53","guid":{"rendered":"https:\/\/innodebt.com\/markets\/bank-stocks-financial-etfs-struggle-as-morgan-stanley-shares-see-biggest-drop-since-2020\/"},"modified":"2023-10-19T13:03:55","modified_gmt":"2023-10-19T13:03:55","slug":"bank-stocks-financial-etfs-struggle-as-morgan-stanley-shares-see-biggest-drop-since-2020","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=31865","title":{"rendered":"Bank stocks, financial ETFs struggle as Morgan Stanley shares see biggest drop since 2020"},"content":{"rendered":"
\n

Exchange-traded funds that buy stocks in the financial sector struggled Wednesday, with Morgan Stanley\u2019s steep drop landing it among the S&P 500\u2019s worst performers.<\/p>\n

Shares of the Financial Select Sector SPDR Fund
\n XLF,<\/span>
\n which tracks financial companies in the S&P 500 index, closed 1.7% lower on Wednesday, according to FactSet data. Morgan Stanley\u2019s stock finished the session with a 6.8% slide, after the bank reported a fall in third-quarter profit, although the results beat analysts\u2019 expectations.<\/p>\n

\n

Financial stocks lagged the broader S&P 500 index on Wednesday, as other Wall Street banks such as Goldman Sachs Group Inc.
\n GS,
\n -2.39%<\/bg-quote>
\n and Citigroup Inc.
\n C,
\n -1.77%<\/bg-quote>
\n also saw sharp declines. The S&P 500
\n SPX
\n finished Wednesday down 1.3%.<\/p>\n

The financial sector has posted losses so far this year, in contrast to the S&P 500\u2019s gain of more than 12%. Bank-focused ETFs were hammered earlier this year after regional banks collapsed and investors worried that the rise in Treasury yields was creating cracks in the financial system.<\/p>\n

The SPDR S&P Regional Banking ETF
\n KRE
\n has plummeted around 30% in 2023, including a sharp 2.7% decline on Wednesday. The Invesco KBW Bank ETF
\n KBWB,<\/span>
\n which tracks the broad banking industry, fell 2.6% on Wednesday in its worst day since Aug. 22, bringing the fund\u2019s plunge this year to 24%, FactSet data show.<\/p>\n

Morgan Stanley
\n MS,
\n -6.78%<\/bg-quote>
\n booked its largest daily percentage drop since June 11, 2020, when it tumbled around 8.5%, according to Dow Jones Market Data. <\/p>\n

Meanwhile, the S&P 500\u2019s financial sector
\n XX:SP500.40
\n is down 3.3% this year through Wednesday.\u00a0<\/p>\n

In the bond market, long-term Treasury yields continued to climb on Wednesday, with the 10-year rate
\n BX:TMUBMUSD10Y
\n rising 5.6 basis points to 4.902% to reach its highest level since July 25, 2007 based on 3 p.m. Eastern Time levels, according to Dow Jones Market Data.<\/p>\n

Read:<\/strong> Why bank stocks are the \u2018Achilles\u2019 heel\u2019 of markets as bears worry high bond yields may \u2018break\u2019 something<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Exchange-traded funds that buy stocks in the financial sector struggled Wednesday, with Morgan Stanley\u2019s steep drop landing it among the S&P 500\u2019s worst performers. Shares of the Financial Select Sector SPDR Fund XLF, which tracks financial companies in the S&P 500 index, closed 1.7% lower on Wednesday, according to FactSet data. Morgan Stanley\u2019s stock finished […]<\/p>\n","protected":false},"author":1,"featured_media":31866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-31865","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nBank stocks, financial ETFs struggle as Morgan Stanley shares see biggest drop since 2020 | Innodebt<\/title>\n<meta name=\"description\" content=\"Exchange-traded funds that buy stocks in the financial sector struggled Wednesday, with Morgan Stanley\u2019s steep drop landing it among the S&P 500\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innodebt.com\/?p=31865\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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