Citi, Bank of America, Wells Fargo Down as Bond Yields Tumble

Financial stocks are slumping as investors reacted to the spread of the coronavirus, which now has been found in more than two dozen countries.
Author:
Publish date:

Financial stocks were slumping Monday as investors reacted to the spread of the coronavirus, which now has been found in more than two dozen countries.

The Financial Sector SPDR Fund (XLF) - Get Report was down 2.6% to $29.97.

Treasury yields were falling, with 10-year Treasury yields down to 1.365% and 30-year Treasury notes falling to 1.823%.

Bank of America  (BAC) - Get Report gave up nearly 4% to $33.01.

Wells Fargo (WFC) - Get Report was off 2.2% to $46.67.

Citigroup (C) - Get Report fell 4.5% to $73. 

JPMorgan Chase (JPM) - Get Report dropped 2.5% to $132.41 

Morgan Stanley (MS) - Get Report slipped nearly 6% to $49.81. 

Goldman Sachs (GS) - Get Report fell 2.2% to $225.59.

“The coronavirus might be slowing in mainland China, but the huge jump over the weekend to various other countries has many reassessing 2020 growth estimates," said Ryan Detrick, senior market strategist for LPL Financial. 

"The International Monetary Fund already lowered China’s growth this year, but should the virus continue to spread to other parts of the world, we could see quickly decreasing earnings and growth outlooks.”

Confirmed cases in China, where the outbreak began last year, totaled 77,150, with 2,592 deaths, according to China's National Health Commission. 

Italy confirmed 150 cases of the virus, with officials verifying at least three deaths in Europe's third-largest economy.

Iran has said as many as eight people have died, while the number of coronavirus cases in South Korea has jumped to just under 800, the most outside China.