Bank stocks tumbled on Thursday, extending recent losses as interest rates rose sharply. The KBW Nasdaq Bank Index fell as much as 2.4% before paring losses to trade 0.7% below its Wednesday close, leaving it at its late-May level and down more than 13% from its mid-August peak. Citigroup and PNC each fell 1.9% and 1.8%, while Bank of America declined 1.4%. Financial stocks just posted their worst month relative to the S&P 500 since 1990, according to Truist Securities, whose analyst Brian Foran wrote that on a relative basis the group's performance today looks a lot like the Dot Com era. Global M&A activity slowed sharply in the third quarter, with deal value falling to about $1.23 trillion from a record $1.8 trillion in the second quarter, according to Mergermarket, and smart-ring maker Oura postponed its planned initial public offering this week, joining Holtec Nuclear and Bamboo Insurance in pausing public debuts.
Yulon Finance Corp
Bank of America Corp
Jefferies Financial Group Inc
PNC Financial Services Group Inc
Citigroup Inc.
PNC Process Systems Co Ltd
Oura Inc.