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Monday's Bank Stocks: Sell-off ahead of FOMC March meeting

A sell-off started by Facebook Inc. led to losses across the indexes on Monday, March 19.

The Dow Jones Industrial Average dropped 1.35% to 24,610.91, the S&P 500 fell 1.42% to 2,712.92 and the Nasdaq Composite Index shrank 1.84% to 7,344.24.

Facebook's shares tumbled on March 19 as a growing group of officials in the United States and European Union called for investigations into the mishandling of personal user data by a political data analytics firm. The company disclosed on March 16 that it had suspended the accounts of British company Strategic Communication Laboratories and its political data analytics firm Cambridge Analytica LLC, as well as Christopher Wylie of Eunoia Technologies, for violating the platform's personal data policies.

That decline sparked a sell-off in technology stocks that quickly jumped to other industries, dragging most of them down.

Looking ahead, investors await the conclusion of the March Federal Open Market Committee meeting on Wednesday and largely expected an interest rate increase. The meeting will have the addition of February's job report showing strong payroll gains, which has only increased investors' expectations that Chairman Jerome Powell's first meeting would conclude with an increase.

JPMorgan Chase & Co. slipped 0.79% to $114.53, Bank of America Corp. declined 0.59% to $31.98, Citigroup Inc. slumped 1.05% to $72.70 and Wells Fargo & Co. fell 0.75% to $55.48.

First Republic Bank grew 0.13% to $96.77, National Bank Holdings Corp. added 0.45% to $33.71 and MidSouth Bancorp Inc. improved 0.36% to $13.75. Associated Banc-Corp fell 2.43% to $26.15, Metropolitan Bank Holding Corp. lost 2.23% to $42.90 and First BanCorp. declined 2.01% to $6.33.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

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