|Bid||23.96 x 40700|
|Ask||23.97 x 34100|
|Day's Range||23.92 - 24.04|
|52 Week Range||17.49 - 31.38|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||-22.57%|
|Beta (5Y Monthly)||1.23|
|Expense Ratio (net)||0.13%|
Bank stocks were broadly lower Thursday, to underperform the broader stock market indicators, as the 10-year Treasury yield fell in 3-month lows in the wake of Federal Reserve Chairman Jerome Powell's dovish message. The SPDR Financial Select Sector ETF fell 1.5% in premarket trading, while futures for the Dow Jones Industrial Average gave up 223 points, or 0.9%. Among the sectors more heavily weighted members, shares of J.P. Morgan Chase & Co. shed 1.5%, Bank of America Corp. gave up 1.5%, Wells Fargo & Co. lost 1.8% and Citigroup Inc. shed 1.8%. The yield on the 10-year Treasury note fell 2.4 basis points to 0.553%, the lowest yield seen since April 21, after Powell said Wednesday that recent data suggests a slowing in the pace of the recovery, as COVID-19 cases increase. Lower long-term yields can hurt bank profits, as that narrows the spread between what banks earn on longer-term assets, such as loans, which are funded by shorter-term liabilities.
Shares of Goldman Sachs Group Inc. edged up 0.2% in premarket trading Friday, after the bank confirmed a $3.9 billion deal with the Government of Malaysia to resolve all the criminal and regulatory proceedings in Malaysia relating to 1Malaysia Development Berhad (1MDB). The settlement was previously reported by Bloomberg. The deal also resolves all pending criminal charges against Goldman subsidiaries and certain current and former directors. Under terms of the deal, Goldman will pay $2.5 billion to the Government of Malaysia, there will be a guarantee that the government receives at least $1.4 billion in proceeds from assets related to 1MDB seized by governmental authorities. As a result of the settlement, Goldman expects to "materially increase" provisions for litigation and regulatory proceedings for the second quarter of 2020. The settlement follows criminal charges filed by Malaysia last year against current and former directors at Goldman for their role in the alleged multibillion-dollar corruption scheme against the state investment fund, 1MDB. Goldman said the settlement with Malaysia does not resolve other pending governmental and regulatory investigations involving 1MDB. Goldman's stock has lost 11.7% year to date through Thursday, while the SPDR Financial Select Sector ETF has dropped 21.0% and the Dow Jones Industrial Average has slipped 6.6%.
As Joe Biden leads President Donald Trump by double digits in national polls, analysts are assessing how financial stocks could be affected by having the veteran Democratic politician in the Oval Office.