Bank stocks tumble, taking ETFs with them

Bank stocks swooned Monday as bond yields fell further and unrest continued in Hong Kong. The SPDR S&P Regional Banking ETF (KRE) was down 1.42% in mid-morning trading, while the SPDR S&P Bank ETF (KBE) lost 1.8%. Invesco's KBW Bank ETF (KBWB) fell 1.8%, and the Financial Select Sector SPDR (XLF) was down 1.6%. Those declines were worse than the 0.7% losses for the Dow Jones Industrial Average and S&P 500 . Low interest rates eat into bank profits, and the benchmark U.S. 10-year note skidded to 1.68% in morning trading. Investors are keeping an eye on events in Hong Kong, which is considered a crucial link between financial markets in Asia and the West.

-Andrea Riquier; 415-439-6400;

  (END) Dow Jones Newswires
  08-12-19 1001ET
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