what is up with the banking industry/sector? for 3 weeks they have been pounded and have vastly underperformed the DJI. i've not heard the reason. interest rates and treasuries seem to be stable. inflation remains stable. why is this sector being clobbered?
In addition to what you said, utilities have had a great run and some of the larger investors have taken money off the table. Also some sector rotation. Individuals buy utilities for income and not necessarily interested in locking in gains and trading. It is also Summer where a lot of wall streeters are on vacation so there is less interest in the market in general.