27.83 +0.09 (0.32%)
Pre-Market: 4:30AM EDT
|Bid||0.00 x 1000|
|Ask||0.00 x 3000|
|Day's Range||27.61 - 27.88|
|52 Week Range||23.79 - 30.33|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.14%|
Yahoo Finance's Seana Smith and Jared Blikre on the biggest headlines moving the markets in afternoon trading Wednesday.
Some last hour buying took the indices off their lows but that is cold comfort on an ugly day. This was broad and ugly selling and what was most notable was that the reflexive dip-buying was absent. The selling accelerated once the opening low was breached and breadth hit about 3 to 1 negative.
MARKET PULSE The financial sector was the hardest hit of the S&P 500's 11 key sectors, as banks stocks were weighed down by a sharp drop in longer-term Treasury yields. The SPDR Financial Select Sector ETF (xlf) dropped 1.
The lira began its steep sell-off Friday morning after a Turkish delegation was unable to make progress on negotiations to free detained U.S. pastor Andrew Brunson, who is being held in Turkey under accusations of supporting a coup. Following the initial sell-off in the lira, Turkish President Recep Tayyip Erdogan urged Turkish citizens to step in and buy the lira.
Public equities have given decent returns in the second quarter. Select sectors like tech underperformed compared to the run-up in industrials, retail, and financials. Goldman Sachs’ (GS) ILA (Investing, Lending, and Asset Management) segment focuses on private and public equities as well as lending activity across asset classes and regions.
Wells Fargo (WFC) stock has risen 7.5% over the past month and fallen 6.9% over the past year. On average, peers (XLF) have risen 4.3% and 12.1%, respectively, during the same periods. Analysts expect Wells Fargo to see a rebound in retail lending, mortgage banking, and wealth in H2 2018.