The Troubling Trend of Bank Stocks Weighing Down the Market
TL;DR Summary
Strategists believe that the stock market's slide can only be halted if bank stocks start performing well. Bank stocks have been lagging behind the S&P 500 this year, despite recovering from their lows in May. The S&P Bank Index ETF and the S&P Regional Bank Index ETF have both experienced significant declines year to date. The future of bank stocks will likely depend on the Federal Reserve's interest rate path, with potential trouble if inflation reaccelerates and rates continue to rise. The upcoming earnings season, starting with JPMorgan Chase, will set the tone for the performance of bank stocks.
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