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Tuesday's Bank Stocks: Sector follows broader markets in slight drop

Banking sector stocks followed the broader markets in retreating a bit as investors returned from the Presidents Day holiday weekend.

The SNL U.S. Bank Index ended the day down 0.37% to 646.42, while the SNL U.S. Thrift Index dropped 1.00% to 952.20.

A roughly 10% drop in Walmart Inc. shares after the retailer reported a slowdown in e-commerce growth helped drag down the S&P 500, which slipped 0.58% to 2,716.26 and posted its first loss since Feb. 8. The Walmart news also contributed to a drop in the Dow Jones Industrial Average, which fell 1.01% to 24,964.75. The technology-heavy Nasdaq Composite Index saw a more muted decrease, losing 0.07% to end the day at 7,234.31.

Despite some ups-and-downs throughout the day, JPMorgan Chase & Co. finished the day flat at $114.71. The other Big Four banks fell slightly, with Wells Fargo & Co. ending down 0.03% to $59.95, Bank of America Corp. falling 0.13% to $31.93, and Citigroup Inc. declining 0.47% to $76.46.

Major movers included Fidelity Southern Corp., which dropped 3.20% to $23.87; Cullen/Frost Bankers Inc., which shed 2.88% to $105.96; Western Alliance Bancorp., which decreased 2.80% to $59.45; and Customers Bancorp Inc., which was off 2.40% to finish at $30.03.

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