Banks are getting crushed as JPMorgan’s rough run continues
US banks are getting bludgeoned on Thursday, with the Invesco KBW Bank ETF down 3% in what would be its worst one-day loss of 2025.
It’s bad timing for what has become a popular part of the market: Bank of America strategists recently flagged that weekly inflows into bank stocks were the strongest since the aftermath of the global financial crisis.
Of note: this ETF, which mainly tracks larger banks, is underperforming its smaller peers in the SPDR S&P Regional Banking ETF on a big down day, which is a relative rarity.
Morgan Stanley and Goldman Sachs are at the bottom of today’s leaderboard so far. But JPMorgan is the worst-performing constituent in the KBW Bank Index over the past week, which coincides with when audio leaked of its CEO Jamie Dimon delivering a scathing rebuke of work-from-home policies.
While I doubt that’s the proximate cause of its underperformance... it’s a fun one to clip and save.
