HOOD - Financial stocks swoon as bond yields drop after Russia moves into Ukraine

Bank and financial stocks are slumping after Russia's military action in the Ukraine prompts investors to move money into safer havens of government bonds. The 10-year Treasury yield falls 14 basis points to 1.86% after having reached almost 2.0% late Wednesday. Financial Select Sector SPDR ETF (NYSEARCA:XLF) is sliding 3.6% in premarket trading. Among U.S.-based money center banks, Citigroup (NYSE:C) -4.0%, Goldman Sachs (NYSE:GS) -4.4%, Bank of America (NYSE:BAC) -4.5%, JPMorgan Chase (NYSE:JPM) -3.7%, Wells Fargo (NYSE:WFC) -4.2%, and Morgan Stanley (NYSE:MS) -3.1%. Overseas bank stocks are seeing bigger moves, with Deutsche Bank (NYSE:DB) down almost 10%, Barclays (NYSE:BCS) falling 7.4%, UBS Group (NYSE:UBS) -7.9%, Lloyds Banking Group (NYSE:LYG) -11%. Insurance companies stocks, too, are suffering. Aegon (NYSE:AEG) -4.8%, AIG (NYSE:AIG) -5.4%, Aon (NYSE:AON) -4.0%, and Chubb (NYSE:CB) -2.8%. Credit card stocks are on the decline as well. American Express (NYSE:AXP) -5.5%, Capital One Financial (NYSE:COF) -3.7%, Alliance Data Systems (NYSE:ADS) -5.5%. Investors' flight away

For further details see:

Financial stocks swoon as bond yields drop after Russia moves into Ukraine