U.S. bank and thrift indexes, along with the broader U.S. market indexes, closed flat Tuesday, June 6, ahead of the Federal Reserve's likely rate hike next week.
The SNL U.S. Bank Index slipped 0.37% to 513.82, and the SNL U.S. Thrift Index fell 0.57% to 875.54. The Dow Jones Industrial Average fell 0.23% to 21,136.23, the Nasdaq composite index fell 0.33% to 6,275.06 and the S&P 500 declined 0.28% to 2,429.33.
According to CME Group's FedWatch tool, which monitors market expectations for interest rate hikes, the Federal Open Market Committee has a nearly 96% chance of raising rates by 25 basis points June 14. That would bring the Fed's federal funds rate target range between 1% and 1.25% – a level not seen since 2008.
Among the big four, JPMorgan Chase & Co. closed up 0.21% to $82.96, Bank of America Corp. fell 0.80% to $22.23, Wells Fargo & Co. gained 0.17% to $51.81 and Citigroup Inc. fell 0.39% to $61.01.
Bank movers for the day included Two River Bancorp, which fell 7.22% to $15.94. Centrue Financial Corp. fell 8.60% to $27.75.
Among thrifts, Melrose Bancorp Inc. rose 2.64% to $17.50.
Market prices and index values are current as of the time of publication and are subject to change.