6 Big Bank Stocks May Face More Pain Ahead
Mark Kolakowski | July 05, 2018
Many big investors proclaimed that bank stocks would be market leaders in 2018, fueled by deregulation, rising interest rates and increasing returns of capital to shareholders via buybacks and dividend increases. Instead, shares of the 6 largest U.S. banks are all down significantly so far this year, and the Financial Select Sector SPDR ETF is down roughly 4% year to date through the open on July 5. Craig Johnson, the chief market technician at Piper Jaffray, sees a "cloudy" outlook for the ETF, which is dominated by large-cap U.S. banks, per his recent comments on CNBC.