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Midday Monday: Bank, thrift stocks move lower

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Midday Monday: Bank, thrift stocks move lower

U.S. bank and thrift stocks were trading marginally lower around midday Monday, April 10.

The SNL U.S. Bank Index was down 0.09% to 527.12, and the SNL U.S. Thrift Index decreased 0.09% to 906.25.

The broader markets were flat. The Dow Jones Industrial Average climbed 0.04% to 20,664.34, the Nasdaq composite index increased 0.01% to 5,886.59 and the S&P 500 edged 0.05% higher to 2,359.74.

The banking industry's first-quarter earnings season begins this week, with JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. set to report results Thursday, April 13. JPMorgan was trading 0.31% lower to $85.92 around midday today, Wells Fargo lost 0.12% to $54.78 and Citi fell 0.24% to $59.29.

Wells Fargo's independent directors' sales practices investigation report, released earlier today, found that improper sales practices at the company were due to a "distortion" of the company's culture and performance management system. The findings also cited Carrie Tolstedt and John Stumpf as among those at fault.

Bank of America Corp., which is scheduled to report quarterly results Tuesday next week, on April 18, was down 0.32% to $23.08 around midday today.

Among price movers, First Commonwealth Financial Corp. declined 1.62% to $12.74, and First NBC Bank Holding Co. climbed 2.60% to $3.95.

In the thrift space, BofI Holding Inc. rose 0.21% to $24.20, and New York Community Bancorp Inc. was down 0.07% to $13.63.

Federal Reserve Chair Janet Yellen is scheduled to deliver a speech at 4:10 PM ET today.

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