ETFs that buy bank stocks slump more than S&P 500
Shares of exchange-traded funds that invest in bank stocks were under pressure Friday, as Treasury yields broadly climbed.
The SPDR S&P Bank ETF, which tracks an equal-weighted index of banking stocks, was slumping 2.9% in afternoon trade, according to FactSet data, at last check. The SPDR S&P Regional Banking ETF was also down 2.9% in afternoon trading, with both ETFs posting bigger losses than the S&P 500.
The S&P 500 was falling 1.2%, down sharply but paring larger losses seen earlier in the trading session, FactSet data show, at last check. Meanwhile, the 2-year Treasury yield was rising at a faster pace than the rate on the 10-year Treasury note, FactSet data show, at last check.
The yield on the 2-year Treasury note was climbing 12 basis points to around 4.38% on Friday afternoon, a bigger jump in afternoon trading than the 8-basis-point climb of the 10-year Treasury rate to around 4.77%.