No, there’s no need to go restarting your machine or thinking your phone screen in broken, the Financials really are up over 1% today, and the S&P 500 Financial sector is having its best day since late April. What’s rather encouraging about today’s move for the Financials is that the downtrend that has been in place for the sector since the highs earlier this year appears to have been broken. Now if you’re screen is also showing green next to any Energy sector names, we would advise making an appointment at the genius bar!
In terms of stocks driving today’s move in the Financial sector, some of the biggest winners today have been the biggest losers since the sector peaked on 3/1. The top part of the table below shows stocks in the sector that were down more than 5% between 3/1 and yesterday but are up 3%+ today. The biggest winners are all banks with Regions (RF) and Citizens Financial (CFG) both up over 3.9%. The only major brokerage firm to make the list is Morgan Stanley (MS) which has erased a good portion of it 7.5% decline with a 3.1% gain today. On the downside, just three stocks in the Financial sector are down today and they are all stocks that were up from 3/1 through 6/7. More broadly, of the 17 stocks in the Financial sector that were up from 3/1 through 6/7, the average gain today is just 0.77%. Conversely, of the 48 stocks that were down from 3/1 through 6/7, the average gain today is over 2%.