By Christiana Sciaudone
Investing.com -- Financials traded lower on Thursday ahead of earnings reports that start being released next week. The S&P 500 Financials is down 2.2%, and the Dow is falling 1.3%.
Banks are falling as parts of the U.S. close back down amid growing coronavirus infections across the country. Citigroup Inc (NYSE:C) dropped 2.7% and Wells Fargo (NYSE:WFC) by 2.2%
Bank of America (NYSE:BAC) fell 2%, to $22.64, after DA Davidson downgraded the stock to neutral from buy with a $25 price target, according to Briefing.com. BofA has nine buy ratings, six holds and no sells, according to data compiled by Investing.com, with an average price target of $28.33.
BofA shares are down about 37% in 2020.
DA Davidson upgraded JPMorgan Chase (NYSE:JPM) to buy from neutral, but the stock was still dropping 1.8%, to $91.65, according to Briefing.com. The bank has seven buys, six holds and no sells, according to data compiled by Investing.com. JPMorgan has an average price target of $107.58.
JPMorgan is down about 35% this year.
Both JPMorgan and BofA report earnings next week.