WFC - Financial stocks dip as fears over Delta variant push bond yields lower

MicroPixieStock/iStock via Getty Images Financial stocks, and bank stocks in particular, swoon as Investors' concerns over the COVID Delta variant and the prospect of renewed lockdowns push up bond prices, and as a result, pressuring bond yields. The 10-year Treasury yield briefly dipped below 1.2% for the first time since February. Financial Select Sector SPDR ETF (XLF) slides 2.5% in late morning trading (New York time) with the SPDR S&P Bank ETF (KBE) also dropping 2.3%. The weakness extends to most parts of the financial sector, including credit card issuers, fintech, insurers, asset managers, mortgage REITs, and mortgage insurers. Each of the six big U.S.-based universal banks drop at least 2%: Citigroup ([[C]] -2.8%), Bank of America ([[BAC]] -2.4%), JPMorgan Chase ([[JPM]] -3.4%), Wells Fargo ([[WFC]] -2.9%), Goldman Sachs ([[GS]] -3.3%), and Morgan Stanley ([[MS]] -2.9%). Among regional banks, U.S. Bancorp ([[USB]] -3.6%) and Huntington Bancshares ([[HBAN]] -3.4%) were among those that

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Financial stocks dip as fears over Delta variant push bond yields lower