Investors did not have stocks on their Cyber Monday shopping lists Monday, Nov. 27.
The SNL U.S. Bank Index fell 0.19% to 572.80 and the SNL U.S. Thrift Index increased 0.07% to 929.83.
Domestic markets were weighed by the pull of energy stocks moving downward ahead of the Organization of the Petroleum Exporting Countries, or OPEC, meeting at the end of the month. The group previously reached an agreement with Russia to extend oil production cuts through the end of 2018; if finalized, the deal would be announced at Thursday's meeting with other non-OPEC nations.
The decline was offset somewhat by retail stocks, some of which enjoyed a boost from holiday shopping activity that began on Black Friday and spanned through today, Cyber Monday.
In banking, the news of the day focused on the disputed temporary leadership at the Consumer Financial Protection Bureau. President Donald Trump appointed Mick Mulvaney as acting director of the Consumer Financial Protection Bureau on Nov. 24, following the resignation of director Richard Cordray. However, the CFPB had announced the appointment of Leandra English as deputy director. English sued Trump and Mulvaney in a Nov. 26 lawsuit filed in the U.S. District Court for the District of Columbia, saying she "has a clear legal entitlement to the position" of acting director until the Senate approves a replacement for Cordray and that Mulvaney's intended appointment violates the independence of the agency set up under the Dodd-Frank Act.
In big banks, Citigroup Inc. declined 0.87% to $71.39, Wells Fargo & Co. lost 0.09% to $54.04, JPMorgan Chase & Co. dropped 0.38% to $97.95 and Bank of America Corp. closed flat at $26.59.
PNC Financial Services Group Inc. closed flat at $132.56. One of its units, Wilmington, Del.-based PNC Bank NA, announced it agreed to acquire New York-based advisory firm The Trout Group LLC.
HomeStreet Inc. slid 0.83% to $30.00 after Chairman, President and CEO Mark Mason addressed the criticisms leveled by Roaring Blue Lion Capital Management LP.
Sterling Bancorp grew 0.67% to $24.01, Bank of Hawaii Corp. improved 0.84% to $80.57 and First Community Bancshares Inc. expanded 2.36% to $29.46. First BanCorp. dropped 0.81% to $4.89, First Republic Bank lost 0.26% to $92.70 and KeyCorp declined 0.72% to $18.01.
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Market prices and index values are current as of the time of publication and are subject to change.
