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MarketWatch MarketPulseJul 14, 2020
Bank ETFs sink as earnings from JPMorgan, Citi, and Wells Fargo fail to inspire
Exchange-traded funds with exposure to banks lagged the broader market Tuesday after a trio of big banks reported disappointing second-quarter results. The Invesco KBW Bank ETF and the First Trust Nasdaq Bank ETF were both down 1.7% in the early afternoon, and the SPDR S&P Regional Banking ETF was down 2.5%. The Invesco fund has about 25% of its portfolio in the three companies that reported Tuesday: Citigroup Inc., JPMorgan Chase Inc. , and Wells Fargo & Co. , which was down more than 5% midday. Investors don't need to look too far to see the last time most of the bank stocks and the ETFs were this low: they've been up and down all year. Still, for Wells Fargo, which missed analyst expectations, it was one of the worst post-earnings sell-offs in years. Wells shares have lost more than 55% in the year to date, compared to a 2.2% decline for the S&P 500 .

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