Domestic equities lost ground Monday, Oct. 9, ahead of the start of third-quarter earnings.
The SNL U.S. Bank Index lost 0.57% to 579.49, and the SNL U.S. Thrift Index fell 0.36% to 940.16. Among broader markets, the Dow Jones Industrial Average slipped 0.06% to 22,761.07, the Nasdaq Composite Index declined 0.16% to 6,579.73 and the S&P 500 lost 0.18% to 2,544.73.
A federal holiday and the beginning of third-quarter earnings contributed to a slow news day Monday, giving stocks little to go on. Bond markets observed Columbus Day while equity markets remained open, which could have contributed to lower volumes. Additionally, third-quarter earnings begin this week, with both JPMorgan Chase & Co. and Citigroup Inc. set to report results Thursday, Oct. 12. JPMorgan declined 0.53% to $96.41, and Citigroup dropped 0.33% to $75.39.
Bank of America Corp. shrank 1.37% to $25.85, and Wells Fargo & Co. declined 0.79% to $55.14.
Pacific Western Bank, a unit of Beverly Hills, Calif.-based PacWest Bancorp, paid nearly $1.8 million to settle allegations that First California Bank, a bank it acquired in 2013, facilitated the embezzlement scheme of a former Democratic campaign treasurer. Shares of PacWest ticked down 0.08% to $49.10.
American Fork, Utah-based People's Intermountain Bank, a unit of People's Utah Bancorp, completed its acquisition of seven Banner Bank branches in Utah, along with $165 million in low-cost deposits and $250 million in loans. Shares of People's Utah gained 0.15% to $33.15.
Pacific Premier Bancorp Inc. added 1.90% to $40.25, Farmers & Merchants Bancorp Inc. grew 2.56% to $38.84 and Green Bancorp Inc. rose 1.72% to $23.65. Bank of the Ozarks fell 1.43% to $47.42, Independent Bank Corp. lost 1.35% to $22.00 and Farmers National Banc Corp. dropped 1.29% to $15.25.
In the thrift space, OceanFirst Financial Corp. expanded 2.26% to $28.06 and Timberland Bancorp Inc. improved 1.97% to $30.56, while New York Community Bancorp Inc. dropped 1.23% to $12.81.
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