WFC - Bank credit card stocks dip amid renewed COVID variant worries

Commercial banks such as Citigroup (NYSE:C) -3.8%, Bank of America (NYSE:BAC) -4%, JPMorgan Chase (NYSE:JPM) -3.3%, Wells Fargo (NYSE:WFC) -4.1%, Goldman Sachs (NYSE:GS) -3.3% and Morgan Stanley (NYSE:MS) -3.4% gap down in pre-market trading as a new COVID-19 variant in South Africa triggers a surge in the broader stock market's volatility. The Financial Select Sector SPDR exchange-traded fund (NYSEARCA:XLF), with Berkshire Hathaway (NYSE:BRK.B) and JPMorgan Chase (JPM) as its two largest holdings, also drifts lower by 3%. In the meantime, the U.S. 10-year Treasury yield falls back more than more than 10 basis points to 1.54%, which may be helping bank stocks nearly erasing this week's losses. In addition, credit card stocks including American Express (NYSE:AXP) -3.6%, which has exposure to travel, Synchrony Financial (NYSE:SYF) -3.7%, Capital One Financial (NYSE:COF) -0.3%, Discover Financial Services (NYSE:FDS) -3.8% and Alliance Data Systems (NYSE:ADS) -2.6%, plunge in pre-market. Payment networks including Mastercard (NYSE:MA) -4% and Visa (NYSE:V) -3% also lose a large chunk of this week's gains. In the past

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Bank, credit card stocks dip amid renewed COVID variant worries