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Midday Thursday: Bank stocks slip


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According to Market Intelligence, April 2023

Midday Thursday: Bank stocks slip

Broader markets were mixed following a U.S. Labor Department report that jobless claims for the week ended July 29 were down by 5,000 from the prior week, and the Census Bureau's report that factory goods orders in June were up 3.0% to $481.1 billion from May.

Yesterday, the Office of the Comptroller of the Currency filed a motion to dismiss the Conference of State Bank Supervisors' attempt to prevent the the regulator from issuing special-purpose national bank charters to financial technology companies, calling it "a fatally premature" attempt to "remedy a speculative harm."

At midday, the Dow Jones Industrial Average Index was up 0.06% to 22,029.68; the S&P 500 was down by 0.21% to 2,472.26; and the Nasdaq Composite Index had fallen 0.25% to 6,346.64.

The SNL U.S. Bank Index, meanwhile, was down 0.52% to 554.23, and the SNL U.S. Thrift Index was down 0.65% to 901.24.

Citigroup Inc.'s stock fell 1.61% to $68.29; JPMorgan Chase & Co. declined 0.74% to $92.42. Bank of America Corp. was down 0.65% to $24.42 and Wells Fargo & Co. fell 0.43% to $53.39.

Bank of the Ozarks' stock had fallen 1.75% to $43.70 around midday; San Juan, Puerto Rico-based First BanCorp., which just priced a common stock offering, was down 1.52% to $5.85. Banc of California Inc. was down 1.45% to $20.40.

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