Financial Stocks Take a Hit After Private-sector Jobs Data Misses Expectations

By Markets MarketWatch Pulse

Financial stocks were getting hit hard in premarket trade Wednesday, after weaker-than-expected private-sector jobs data sent Treasury yields sharply lower. The SPDR Financial ETF fell 1% ahead of the open. Among the sector tracker's more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.3%, of Goldman Sachs Group Inc. gave up 1.3%, of Bank of America Corp. slid 1.6%, of Citigroup Inc. dropped 1.3% and of Wells Fargo & Co. lost 1.1%. The yield on the 10-year Treasury note declined 0.023 percentage points to 1.777%. Private-sector employment gains slowed to 156,000 jobs in April from 194,000 in March, according to Automatic Data Processing Inc. Economists had expected an increase of 193,000 in April.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.