Below is a quick look at six-month price charts for the six big US banks and brokers.  Notably, Goldman Sachs (GS) and Morgan Stanley (MS) are the two that have thus far managed to hold above their 50-day moving averages, while Bank of America (BAC), Citigroup (C), JP Morgan (JPM) and Wells Fargo (WFC) have all moved below their 50-DMAs.  These stocks have generally tracked the direction of longer duration interest rates in 2021.  When Treasury yields were rising earlier in the year, the banks were flying high.  As Treasury yields have fallen, so have the stock prices of banks.  In the next couple of weeks, we’ll get Q2 2021 earnings results from all of these firms, which (for better or worse) could at least briefly take attention away from the interest rate story.  Click here to view Bespoke’s premium membership options.

Print Friendly, PDF & Email