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Wednesday's Bank Stocks: Tech losses continue to infect broader markets


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Wednesday's Bank Stocks: Tech losses continue to infect broader markets

Consumer technology companies continued to exert their influence over markets Wednesday, March 28, as their losses spread across indices.

Consumer technology companies continued their selloff as investors expressed concerns that misused data could increase the possibility of greater regulations and oversight. The movement was most pronounced in the Nasdaq Composite Index, which fell 0.85% to 6,949.23. By comparison, the S&P 500 slid 0.29% to 2,605.00 and the Dow Jones Industrial Average lost 0.04% to 23,848.42.

The SNL U.S. Bank index added 0.19% to 599.54, and the SNL U.S. Thrift index grew 0.87% to 942.21.

In domestic economic news, pending home sales in the U.S. rebounded in February on improved contract signings although a low number of listings weighed on affordability and overall activity, according to the National Association of Realtors. The pending home sales index rose 3.1% to 107.5 in February from a downwardly revised 104.3 in January.

Globally, the trade dispute between China and the U.S. continued to evolve. China appealed to the World Trade Organization to confront the U.S. over its trade investigations and accused the Trump administration of defying the rights of China and other WTO members as well as jeopardizing the multilateral trading system. The escalating trade war could "upset" the Asia-Pacific region's otherwise stable credit conditions and continued economic growth, according to an S&P Global Ratings report.

The negative momentum seeped into financials. Wells Fargo & Co. added 0.74% to $51.48, Citigroup Inc. shrank 0.03% to $68.26 and JPMorgan Chase & Co. lost 0.16% to $108.00. Bank of America Corp. fell 0.44% to $29.39, after a federal judge ruled against the bank's request to dismiss a lawsuit from the Federal Deposit Insurance Corp., which has demanded the company pay at least $542 million in assessments.

S&T Bancorp Inc. added 2.94% to $40.64, Great Western Bancorp Inc. improved 2.50% to $40.15 and Community Bank System Inc. grew 1.82% to $53.68. SVB Financial Group declined 1.42% to $235.81, MidSouth Bancorp Inc. dropped 0.78% to $12.65 and Banc of California Inc. declined 0.27% to $18.80.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

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