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13

Banking Shares Drag U.S. Stocks Lower as Earnings Reports Loom

By Tony Seruga

Financial ETF sees longest outflows since bull market start
JPMorgan Chase, Citigroup, Wells Fargo report results Friday

It’s going to take more than solid earnings growth to lure investors into financial shares.

Undeterred by forecasts that project lenders growing third-quarter profits the most among S&P 500 Index industries, retail investors extended withdrawals from an exchange-traded fund tracking the group to the longest stretch of the bull market, while options traders have pushed the cost of protecting against declines in the fund to the highest level since April 2014, according to data compiled by Bloomberg…

Banking Shares Drag U.S. Stocks Lower as Earnings Reports Loom

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