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Midday Tuesday: Stocks retreat amid latest economic data

U.S. bank and thrift stocks, as well as the broader markets, were trading lower around midday Tuesday, May 30, amid the latest economic data.

Home prices in the U.S. increased at the strongest rate in 33 months during March, according to data from the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The index rose at a 5.8% annual rate in March, up from 5.7% in the previous month.

The Conference Board's Consumer Confidence Index dipped further in May, after decreasing in April. The index now stands at 117.9, down from 119.4 in April. The Present Situation Index increased marginally to 140.7 from 140.3 and the Expectations Index declined to 102.6 from 105.4.

In an interview with CNBC earlier today, Dallas Federal Reserve President Robert Kaplan said he expects the U.S. central bank to begin reducing its balance sheet and raise interest rates two more times this year.

The SNL U.S. Bank Index decreased 0.89% to 519.67, and the SNL Thrift Index was down 0.73% to 874.89. The Dow Jones Industrial Average slid 0.18% to 21,042.45, the Nasdaq composite index declined 0.08% to 6,205.97, and the S&P 500 was down 0.13% to 2,412.77.

JPMorgan Chase & Co. declined 0.91% to $84.58, Bank of America Corp. lost 0.58% to $23.10, Citigroup Inc. slid 0.37% to $61.84, and Wells Fargo & Co. was trading 0.07% lower to $52.38.

Citi is selling its Yield Book and fixed income indexes to London Stock Exchange Group Plc for $685 million in cash.

Among notable movers in the banking scene, PNC Financial Services Group Inc. lost 1.82% to $119.11, and F.N.B. Corp. slipped 2.41% to $13.19.

Among thrifts, BofI Holding Inc. retreated 2.10% to $21.96, and Astoria Financial Corp. declined 0.85% to $18.65.

Market prices and index values are current as of the time of publication and are subject to change.