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Midday Wednesday: Stocks head south amid latest mortgage data


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Midday Wednesday: Stocks head south amid latest mortgage data

U.S. bank and thrift stocks, as well as the broader markets, were down during morning trading Wednesday, May 31, amid the latest mortgage applications and pending home sales data.

Seasonally adjusted mortgage applications declined 3.4% from the prior week for the week that ended May 26, the Mortgage Bankers Association reported May 31. On an unadjusted basis, applications fell 4% week over week.

U.S. pending home sales, based on contract signings, fell for the second consecutive month in April, as the rate of new listings continues to lag the quicker pace of homes coming off the market, the U.S. National Association of Realtors reported May 31. The pending home sales index slid 1.3% to 109.8 in April from a downwardly revised 111.3 the previous month.

The SNL U.S. Bank Index was down 1.81% to 509.16, and the SNL Thrift Index declined 0.57% to 869.74. The Dow Jones Industrial Average decreased 0.18% to 20,992.66, the Nasdaq composite index lost 0.32% to 6,183.25, and the S&P 500 slumped 0.25% to 2,406.85.

JPMorgan Chase & Co. retreated 2.04% to $82.19, Bank of America Corp. lost 2.69% to $22.22, Wells Fargo & Co. was down 1.94% to $51.15, and Citigroup Inc. slumped 2.25% to $60.24.

Among price movers in the banking scene, Two River Bancorp retreated 5.70% to $16.70, Texas Capital Bancshares Inc. declined 3.80% to $72.15, and Huntington Bancshares Inc. was down 2.71% to $12.39.

In the thrift space, New York Community Bancorp Inc. decreased 1.04% to $12.82, and Astoria Financial Corp. decreased 1.34% to $18.42.

The Beige Book is set to be released at 2 p.m. ET today.

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