U.S. bank shares slammed as virus, plunging oil amp up economic fears

Shares of U.S. banks sharply underperformed the broader stock market on Monday as investors bet tumbling interest rates would crush bank profits and worried about rising credit costs in the face of an economy spooked by coronavirus and plunging oil prices. Among the sector’s biggest decliners were smaller banks with the most direct exposure to energy companies as oil futures tumbled as much as a third on Monday due to a price war between Saudi Arabia and Russia. These banks, which include BOK Financial Corp (BOKF.O) and Bank7 Corp (BSVN.O), were last down more than 20%. But the biggest U.S. banks were also slammed, with the S&P 500 Bank index .SPXBK last down 14.0% on the day and on track for its biggest one-day percentage decline since April 20, 2009, during the financial crisis. The sector has dropped more than 34% since Feb. 20 and was 37% below its most recent record.

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This election year will have a significant impact on long-term indirect tax rules, rates, and risks. More immediately, federal, state, and local tax policymaking, fiscal conditions, and technological disruptions will muddle the short-term indirect tax environment in the United States. This white paper will cover the important tr


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Spotlight

This election year will have a significant impact on long-term indirect tax rules, rates, and risks. More immediately, federal, state, and local tax policymaking, fiscal conditions, and technological disruptions will muddle the short-term indirect tax environment in the United States. This white paper will cover the important tr

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