Investors wondering why are bank stocks down today have the Federal Reserve to thank for the fall.
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That due to the Federal Reserve bumping up its timeframe for when it will raise interest rates. That announcement has been affecting more than just bank stocks. It also saw the price of gold, as well as gold stocks, take a beating earlier today.
Wit the why are bank stocks down today question answered, let’s take a look at how the news is affecting some of the top players in the space.
Bank Stocks Down Today
- JPMorgan Chase (NYSE:JPM) stock starts us off with shares falling 2.7% as of Thursday afternoon. To go along with that, more than 17 million shares of the company’s stock have traded today. That’s above its daily average trading volume of 14.4 million shares.
- Bank of America (NYSE:BAC) stock is up next with shares declining about 3.9% as of this writing. It’s also seeing heavy trading with some 46 million shares on the move. That’s approaching its daily average trading volume of 46.9 million shares.
- Citigroup (NYSE:C) stock joins the list with shares dipping about 3.8% today. The company has also seen over 31 million shares change hands. For comparison, the stock’s daily average trading volume is 18.1 million shares.
- Wells Fargo (NYSE:WFC) stock is also on the list with its shares down roughly 4.6%. That comes as over 24 million shares of the stock traded. Its daily average trading volume is closer to 28.4 million shares.
- Goldman Sachs (NYSE:GS) is the final bank stock we’re looking at today with shares decreasing around 2.9%. The company has seen more than 2 million shares change hands today. That’s still below its daily average trading volume of 2.9 million shares.
Investors that are looking for more stock market news for Thursday should keep reading.
There’s a lot to go over today thanks to plenty of companies seeing stock movement. Just a few examples of those worth checking out are ChargePoint (NYSE:CHPT), Midatech (NASDAQ:MTP), and Mattel (NASDAQ:MAT). You can learn all about what has them moving at the links below!
More Thursday Stock Market News
- CHPT Stock: The Big Mercedes-Benz News Giving ChargePoint Shares a Jolt
- MTP Stock: The Big Midatech Pharma News That Has Shares Rocketing Today
- MAT Stock: 13 Things for Investors to Know About Mattel’s NFT Hot Wheels Plans
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/06/why-are-bank-stocks-down-today-jpm-bac-c-wfc-gs/.
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