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Here's Why Shares of Goldman Sachs (GS) Stumbled Today
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On Wednesday, shares of financial giant Goldman Sachs (GS - Free Report) closed the day down 3.28% to $211.26 per share after executives at the two largest U.S. banks signaled a potential slump in second-quarter trading.
Speaking at an industry conference, JPMorgan Chase (JPM - Free Report) Chief Financial Officer Marianne Lake said that Chase’s own trading is down about 15% so far this year compared to the prior year period.“Performance is quite good, but there’s not a lot to trade around right now…There haven’t been that many exciting events, and we need a few more of them,” she said.
Appearing at a different industry conference, Bank of America (BAC - Free Report) Chief Executive Brian Moynihan said that BAC’s second-quarter trading revenue will be down slightly from a year ago as well. Shares of BAC closed Wednesday down 2.14%, while JPM closed the day down 2.09%.
Shares of Goldman hit their lowest level in about six months today, notes MarketWatch. GS stock was also negatively impacted by a decline in benchmark 10-year Treasury rates, which are used to price car loans, mortgages, and other debt instruments, falling to a five-week low to 2.20% on Wednesday.
Looking at the broader market, the Dow Jones dipped 0.10%, almost 21 points today thanks to Goldman and JPMorgan. The Financial Select Sector SPDR ETF (XLF - Free Report) closed down 0.85%, and the SPDR S&P Regional Banking ETF (KRE - Free Report) was down 0.82%. Morgan Stanley (MS - Free Report) was down 1.28% at market close, while Citigroup (C - Free Report) closed the day down 1.78%.
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Here's Why Shares of Goldman Sachs (GS) Stumbled Today
On Wednesday, shares of financial giant Goldman Sachs (GS - Free Report) closed the day down 3.28% to $211.26 per share after executives at the two largest U.S. banks signaled a potential slump in second-quarter trading.
Speaking at an industry conference, JPMorgan Chase (JPM - Free Report) Chief Financial Officer Marianne Lake said that Chase’s own trading is down about 15% so far this year compared to the prior year period.“Performance is quite good, but there’s not a lot to trade around right now…There haven’t been that many exciting events, and we need a few more of them,” she said.
Appearing at a different industry conference, Bank of America (BAC - Free Report) Chief Executive Brian Moynihan said that BAC’s second-quarter trading revenue will be down slightly from a year ago as well. Shares of BAC closed Wednesday down 2.14%, while JPM closed the day down 2.09%.
Shares of Goldman hit their lowest level in about six months today, notes MarketWatch. GS stock was also negatively impacted by a decline in benchmark 10-year Treasury rates, which are used to price car loans, mortgages, and other debt instruments, falling to a five-week low to 2.20% on Wednesday.
Looking at the broader market, the Dow Jones dipped 0.10%, almost 21 points today thanks to Goldman and JPMorgan. The Financial Select Sector SPDR ETF (XLF - Free Report) closed down 0.85%, and the SPDR S&P Regional Banking ETF (KRE - Free Report) was down 0.82%. Morgan Stanley (MS - Free Report) was down 1.28% at market close, while Citigroup (C - Free Report) closed the day down 1.78%.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9x stock explosion after they launched their iPhone in 2007? Now, 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade, which could, in turn, save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>