U.S. Bank Shares Near Longest Losing Run Since 2008
The KBW Bank Index fell about 1.3% this week and was on course for a sixth straight weekly loss.
Key takeaways
- The KBW Bank Index fell about 1.3% this week and was on course for a sixth weekly loss.
- The index had fallen roughly 13% from its August record.
Major U.S. bank shares were on course for a sixth consecutive weekly loss, their longest losing run since 2008. The 24-member KBW Bank Index fell about 1.3% this week and was down roughly 13% from its August record.
Mixed third-quarter results did little to lift sentiment. Bloomberg Intelligence analyst Herman Chan said weaker fixed-income trading offset strength in equities, while banks also faced the prospect of interest rates staying elevated for longer.
The shares have also faced concerns about artificial intelligence’s impact on financial services. Barclays analyst Jason Goldberg said the KBW Bank Index underperformed the S&P 500 in 18 of the 21 trading sessions after the Federal Reserve’s September 16 rate increase, a stretch he said had no comparable precedent since the index began in May 1992.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
