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data-n-head="ssr" src="//strike.fox.com/static/fbn/display/loader.js"></script><script data-n-head="ssr" src="//static.foxnews.com/static/orion/scripts/core/ag.core.js"></script><script data-n-head="ssr" src="//static.foxnews.com/static/isa/core.js"></script><script data-n-head="ssr" src="//static.foxnews.com/static/orion/scripts/fox-business/article/loader.js"></script><script data-n-head="ssr" type="application/ld+json"> { "@context": "http://schema.org", "@type": "NewsArticle", "mainEntityOfPage": "https://www.foxbusiness.com/markets/coronavirus-bank-stocks-battered", "headline": "Coronavirus fears batter bank stocks by creating cheap credit", "articleBody": "America’s biggest banks have borne the brunt of the stock-market turbulence surrounding the Federal Reserve’s emergency interest-rate cut. The KBW Bank Index, which includes JPMorgan Chase, Bank of America, Wells Fargo and 21 other banking stocks such as regional giant Truist, has plunged by more than 22 percent over the past two weeks, a decline exacerbated by the Fed lowering its key interest rate. By comparison, the S&P 500 is down just 11 percent. The Fed slashed its key lending rate by 50 basis points to a range of 1 percent to 1.25 percent at an emergency meeting on Wednesday. A rate cut is detrimental to a bank’s earnings as it slices the profit margin on loans. Lenders are “really at the nexus of this in many ways, suffering from ultra-low interest rates,” Jonathan Hoenig, managing member at the Chicago-based Capitalistpig Hedge Fund, told FOX Business’ Stuart Varney on Friday. Banks were hit the hardest of all industry groups within the S&P 500, according to Dow Jones Market Data. MORGAN STANLEY, BANK OF AMERICA RELOCATE TRADERS AMID CORONAVIRUS What’s hurting them is the effect on net interest income, the industry's term for the difference between interest paid to depositors -- who supply the money a bank lends -- and interest charged to borrowers. That money typically makes up 50 to 75 percent of a bank's net revenue. Lower rates mean more customers will borrow money, but banks will earn less per loan. “Volumes are going to be good, but they're going to be doing business at lower rates,” said Kenneth Leon, research director of industries and equities at CFRA Research. “And that's a big part of why the banks are down.” Even before the COVID-19 outbreak, which has paralyzed supply chains and caused people to avoid crowds, events and travel, banks were lowering their performance targets for this year due to a slowdown in borrowing and three Fed rate cuts at the end of last year. Couple that with the uncertainty presented by the coronavirus, and you have a recipe guaranteed to produce a hangover. “This sector is probably more vulnerable to uncertainty than other sectors in the market,” Robert Albertson, a New York-based managing director at Piper Sandler, told FOX Business. The steep slide in banking stocks shows the sector is “looking ahead for another round of rate cuts,” Leon said. FED'S REVISED BANK RULE A BONUS FOR DIVIDENDS, BUYBACKS Fed fund futures traded at the Chicago Mercantile Exchange were pricing in a 72 percent chance on Saturday that the central bank would cut interest rates by another 50 basis points at its March meeting. Its efforts may be buoyed by a consumer or business stimulus from Washington. President Trump, who signed an $8.3 billion package to provide public agencies with money for vaccines, tests and potential treatments, has said his administration is considering further measures. White House economic adviser Larry Kudlow told Varney on Friday that the administration is looking into a “timely and targeted micro approach” to pump money into distressed parts of the economy. But if bank stocks are getting pinched, their capital remains healthy, enabling a dividend yield of just below 3 percent, which according to Bank of America is the most attractive versus U.S. Treasurys since 2009. The yield on the 10-year note touched a record low below 0.67 percent this week. Sooner or later, the market will look past the turbulence from COVID-19, however, and when it does, financials will likely be a beneficiary, according to Piper Sandler's Albertson. CLICK HERE TO READ MORE ON FOX BUSINESS “When there's a global discontinuity of this magnitude, financials always get hit the hardest,” he told FOX Business. “But it's not fundamental. It's psychological. So if you're looking for a trade coming out of it and you feel like we're seeing not the end so much, but the diminution of the crisis, financials is where you want to go.”", "datePublished": "2020-03-07T09:59:36-05:00", "dateModified": "2020-03-07T09:59:36-05:00", "description": "The KBW Bank Index, which includes JPMorgan Chase, Bank of America, Wells Fargo and 21 other banking stocks such as regional giant Truist, has plunged by more than 22 percent over the past two weeks -- twice the decline of the S&P 500.", "author": [{"@type":"Person","name":"Jonathan Garber"}], "publisher": { "@type": "Organization", "name": "Fox Business", "logo": { "@type": "ImageObject", "url": "https://static.foxnews.com/static/orion/styles/img/fox-business/logos/fox-business-logo.png", "width": "133", "height": "60" } }, "image": { "@type": "ImageObject", "url": "https://static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/Jerome-powell-4.png" } } </script><script data-n-head="ssr" 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Market data provided by <a href="https://www.factset.com/">Factset</a>. Powered and implemented by <a href="https://www.factset.com/solutions/business-needs/digital-solutions">FactSet Digital Solutions</a>. <a href="https://www.factset.com/privacy">Legal Statement</a>. </p> <p>This material may not be published, broadcast, rewritten, or redistributed. ©2024 FOX News Network, LLC. All rights reserved. <a href="https://help.foxbusiness.com/hc/en-us/sections/4405278462107-FAQ">FAQ</a> - <a href="/privacy-policy">New Privacy Policy</a></p></div></div></div></div></header> <div class="page"><div class="pre-content"></div> <div class="page-content"><main class="main-content"><article section="markets" tags="[object Object],[object Object],[object Object],[object Object]" class="article-wrap"> <header class="article-header"><div class="article-meta article-meta-upper"><div class="eyebrow"><a href="/financials">Financials</a></div> <div class="article-date"><span class="article-date__published"><span class="article-date__label--published"><strong>Published</strong></span> <time class="article-date__time article-date__time--published"> March 7, 2020 9:59am EST </time></span>  </div></div> <h1 class="headline">Coronavirus fears batter bank stocks by creating cheap credit</h1> <h2 class="sub-headline">Lenders 'are really at the nexus of this in many ways'</h2>  <div class="article-meta article-meta-lower"><div class="social-byline"><div class="article-social "><div class="social-icons"><ul><li class="fb"><a href="#">Facebook</a></li> <li class="tw"><a href="#">Twitter</a></li> <li class="comments"><a href="#">Comments</a></li> <li class="print"><a href="#">Print</a></li> <li class="email"><a href="#">Email</a></li></ul></div></div> <div class="author-byline"><span> <span class="article-authors"><span>By </span> <span class="authors"><span class="author"><span>Jonathan Garber</span> <span></span></span></span></span> <span class="article-source"><a href="https://www.foxbusiness.com/">FOXBusiness</a></span></span></div></div> </div></header> <div class="article-content-wrap sticky-columns"><div class="article-content"><div class="article-body">  <div class="embed-media video video-ct"><div class="video-container"><div data-widget-type="embed" data-video-id="6138815338001" data-video-domain="foxbusiness" class="m video-player"><a href="http://video.foxbusiness.com/v/6138815338001"><img src="http://media.foxbusiness.com/BrightCove/854081161001/202003/196/854081161001_6138818805001_6138815338001-vs.jpg" alt="Girard CIO Tim Chubb offers investing tips amid market uncertainty. "> <span class="overlay">Video</span></a></div></div></div> <p>America’s biggest <a href="http://foxbusiness.com/category/financials" target="_blank">banks</a> have borne the brunt of the stock-market turbulence surrounding the <a href="https://foxbusiness.com/category/the-fed" target="_blank">Federal Reserve</a>’s emergency interest-rate cut.</p> <div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban1" id="mobile-mw-ad-ban1" class="ad gam inline"></div></div><p>The KBW Bank Index, which includes JPMorgan Chase, Bank of America, Wells Fargo and 21 other banking stocks such as regional giant Truist, has plunged by more than 22 percent over the past two weeks, a decline exacerbated by the Fed lowering its key interest rate. By comparison, the S&P 500 is down just 11 percent.</p><div class="inline image-ct"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/343/192/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/686/384/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/672/378/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1344/756/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/931/523/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1862/1046/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/720/405/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1440/810/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/931/523/Bank-Stocks-Battered-During-Market-Selloff-2.png?ve=1&tl=1"></picture></div> </div> <p>The Fed slashed its key lending rate by 50 basis points to a range of 1 percent to 1.25 percent at an emergency meeting on Wednesday. A rate cut is detrimental to a bank’s earnings as it slices the profit margin on loans. </p><p>Lenders are “really at the nexus of this in many ways, suffering from ultra-low interest rates,” Jonathan Hoenig, managing member at the Chicago-based Capitalistpig Hedge Fund, told FOX Business’ Stuart Varney on Friday. Banks were hit the hardest of all industry groups within the S&P 500, according to Dow Jones Market Data.</p> <div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban2" id="mobile-mw-ad-ban2" class="ad gam inline"></div></div><p><strong><a href="https://www.foxbusiness.com/economy/as-coronavirus-spreads-morgan-stanley-relocating-wall-street-traders-outside-of-nyc" target="_blank">MORGAN STANLEY, BANK OF AMERICA RELOCATE TRADERS AMID CORONAVIRUS</a></strong></p><div data-unit-credible=",," data-in-article="true" class="credible"></div><p>What’s hurting them is the effect on net interest income, the industry's term for the difference between interest paid to depositors -- who supply the money a bank lends -- and interest charged to borrowers. That money typically makes up 50 to 75 percent of a bank's net revenue.</p><p>Lower rates mean more customers will borrow money, but banks will earn less per loan.</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban3" id="mobile-mw-ad-ban3" class="ad gam inline"></div></div><section class="collection collection-stocks-article"><header class="heading"><h2 class="title">Stocks In This Article:</h2></header> <div class="content"><article class="stock is-up"><a href="/quote?stockTicker=JPM" title="JPMORGAN CHASE & CO."><header class="stock-heading"><div class="company"> JPM </div> <button data-id="stocksWatchlist:XX:274385|JPM|JPMORGAN CHASE & CO." title="Add to Watchlist" class="favorite"></button></header> <div class="stock-info"><div class="value">$248.55</div> <div class="change"><span class="percent">1.55%</span></div></div></a></article><article class="stock is-up"><a href="/quote?stockTicker=BAC" title="BANK OF AMERICA CORP."><header class="stock-heading"><div class="company"> BAC </div> <button data-id="stocksWatchlist:XX:255248|BAC|BANK OF AMERICA CORP." title="Add to Watchlist" class="favorite"></button></header> <div class="stock-info"><div class="value">$46.99</div> <div class="change"><span class="percent">1.17%</span></div></div></a></article><article class="stock is-up"><a href="/quote?stockTicker=C" title="CITIGROUP INC."><header class="stock-heading"><div class="company"> C </div> <button data-id="stocksWatchlist:XX:258242|C|CITIGROUP INC." title="Add to Watchlist" class="favorite"></button></header> <div class="stock-info"><div class="value">$69.82</div> <div class="change"><span class="percent">1.28%</span></div></div></a></article><article class="stock is-down"><a href="/quote?stockTicker=MS" title="MORGAN STANLEY"><header class="stock-heading"><div class="company"> MS </div> <button data-id="stocksWatchlist:XX:274646|MS|MORGAN STANLEY" title="Add to Watchlist" class="favorite"></button></header> <div class="stock-info"><div class="value">$134.69</div> <div class="change"><span class="percent">0.21%</span></div></div></a></article><article class="stock is-up"><a href="/quote?stockTicker=GS" title="THE GOLDMAN SACHS GROUP INC."><header class="stock-heading"><div class="company"> GS </div> <button data-id="stocksWatchlist:XX:266507|GS|THE GOLDMAN SACHS GROUP INC." title="Add to Watchlist" class="favorite"></button></header> <div class="stock-info"><div class="value">$602.79</div> <div class="change"><span class="percent">1.13%</span></div></div></a></article></div></section><p>“Volumes are going to be good, but they're going to be doing business at lower rates,” said Kenneth Leon, research director of industries and equities at CFRA Research. “And that's a big part of why the banks are down.”</p><p>Even before the COVID-19 outbreak, which has paralyzed supply chains and caused people to avoid crowds, events and travel, banks were lowering their performance targets for this year due to a slowdown in borrowing and three Fed rate cuts at the end of last year.</p><p>Couple that with the uncertainty presented by the coronavirus, and you have a recipe guaranteed to produce a hangover.</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban4" id="mobile-mw-ad-ban4" class="ad gam inline"></div></div><div class="inline image-ct"><div class="m"><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/343/192/Jerome-powell-4.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/686/384/Jerome-powell-4.png?ve=1&tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/672/378/Jerome-powell-4.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1344/756/Jerome-powell-4.png?ve=1&tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/931/523/Jerome-powell-4.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1862/1046/Jerome-powell-4.png?ve=1&tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/720/405/Jerome-powell-4.png?ve=1&tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/1440/810/Jerome-powell-4.png?ve=1&tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2020/03/931/523/Jerome-powell-4.png?ve=1&tl=1"></picture></div> </div><p>“This sector is probably more vulnerable to uncertainty than other sectors in the market,” Robert Albertson, a New York-based managing director at Piper Sandler, told FOX Business. </p><p>The steep slide in banking stocks shows the sector is “looking ahead for another round of rate cuts,” Leon said.</p><p><strong><a href="https://www.foxbusiness.com/markets/fed-give-big-banks-simple-capital-rules" target="_blank">FED'S REVISED BANK RULE A BONUS FOR DIVIDENDS, BUYBACKS</a></strong></p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban5" id="mobile-mw-ad-ban5" class="ad gam inline"></div></div><p>Fed fund futures traded at the Chicago Mercantile Exchange were pricing in a 72 percent chance on Saturday that the central bank would cut interest rates by another 50 basis points at its March meeting.</p><p>Its efforts may be buoyed by a consumer or business stimulus from Washington.</p><p>President Trump, who signed an $8.3 billion package to provide public agencies with money for vaccines, tests and potential treatments, has said his administration is considering further measures.</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban6" id="mobile-mw-ad-ban6" class="ad gam inline"></div></div><p>White House economic adviser Larry Kudlow told Varney on Friday that the administration is looking into a “timely and targeted micro approach” to <a href="https://www.foxbusiness.com/markets/coronavirus-white-house-money-distressed-economy-kudlow" target="_blank">pump money into distressed parts of the economy</a>.</p><p>But if bank stocks are getting pinched, their capital remains healthy, enabling a dividend yield of just below 3 percent, which according to Bank of America is the most attractive versus U.S. Treasurys since 2009. The yield on the 10-year note touched a record low below 0.67 percent this week.</p><p>Sooner or later, the market will look past the turbulence from COVID-19, however, and when it does, financials will likely be a beneficiary, according to Piper Sandler's Albertson.</p><div class="ad-container mobile ad-h-250 ad-w-300 ad-placeholder-load"><div data-iu="ban7" id="mobile-mw-ad-ban7" class="ad gam inline"></div></div><p><strong><a href="http://foxbusiness.com/" rel="noopener noreferrer" target="_blank">CLICK HERE TO READ MORE ON FOX BUSINESS</a></strong></p><p>“When there's a global discontinuity of this magnitude, financials always get hit the hardest,” he told FOX Business. “But it's not fundamental. It's psychological. So if you're looking for a trade coming out of it and you feel like we're seeing not the end so much, but the diminution of the crisis, financials is where you want to go.”</p></div> <footer class="article-footer">  <div class="partners"><div class="partner geo-item"><div data-uid="fbr-ar-21" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="fbr-ar-22" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="ar-18" class="vendor-unit tablet-desktop"></div></div> <div class="partner geo-item"><div data-uid="fbr-ar-23" class="vendor-unit "></div></div> <div class="partner geo-item"><div data-uid="ar-19" class="vendor-unit tablet-desktop"></div></div> <div class="partner geo-item"><div data-uid="MB_2" class="vendor-unit mobile"></div></div></div> <div id="commenting" class="article-comments"></div></footer></div> <aside aria-label="primary sidebar" class="sidebar sidebar-primary"><div class="sticky-region"><section class="collection collection-market-indexes"><header class="heading"><h2 class="title">U.S. Stock Market Quotes</h2></header> <div class="content"><form autocomplete="off" action="/search" method="get"><fieldset><div class="input-wrap quote-lookup"><input value type="text" placeholder="Quote Lookup" name="q" onblur onfocus autocomplete="off" aria-label="quote lookup" class="input-text"> <input type="hidden" name="ss" value="fb"> <input type="submit" aria-label="submit" value="Search" class="input-search"></div></fieldset></form> </div></section><div class="advert upper"><div class="ad-container desktop ad-w-300"> <div data-ad-pos="desktop" data-ad-size="300x600,300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div><div class="ad-container tablet ad-w-300"> <div data-ad-pos="tablet" data-ad-size="300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div><div class="ad-container mobile ad-w-300"> <div data-ad-pos="mobile" data-ad-size="300x250" class="ad gpt"></div> <span class="advert-txt">Advertisement</span></div></div><div class="embed-media advanced"><div class="item item-newsletter-article fox-business-rundown" data-slid="3DC725E303A24F8D5F8BE2343A002FB8"> <div class="m logo"> <img data-cke-saved-src="//static.foxnews.com/foxnews.com/content/uploads/2023/09/532x120-NEWSLETTER_BIZ-Rundown.png" src="//static.foxnews.com/foxnews.com/content/uploads/2023/09/532x120-NEWSLETTER_BIZ-Rundown.png" alt="Fox News First"> </div> <div class="info"> <div class="arrive"> <span>Arrives Weekly</span> </div> <div class="newsletter-title">Get Our Newsletter</div> <p class="dek">Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech and money news that matters to you.</p> <div class="user-input hide"> <p class="success">We've added you to our mailing list.</p> </div> <div class="email-input"> <input data-cke-saved-name="email" name="email" placeholder="Enter email address" type="email" class="input-email js-bound"> </div> <div class="button subscribe"> <a data-cke-saved-href="#" href="#">Subscribe</a> </div> <p class="disclosure">By clicking subscribe, you agree to the Fox News <a href="https://www.foxnews.com/privacy-policy" target="_blank">Privacy Policy</a> and <a href="https://www.foxnews.com/terms-of-use" target="_blank">Terms of Use</a>, and agree to receive content and promotional communications from Fox News. 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",url:"http:\u002F\u002Fvideo.foxbusiness.com\u002Fv\u002F6138815338001",domain:"foxbusiness"}};da[1]={is:i,props:{parsedParagraph:"America’s biggest \u003Ca href=\"http:\u002F\u002Ffoxbusiness.com\u002Fcategory\u002Ffinancials\" target=\"_blank\"\u003Ebanks\u003C\u002Fa\u003E have borne the brunt of the stock-market turbulence surrounding the \u003Ca href=\"https:\u002F\u002Ffoxbusiness.com\u002Fcategory\u002Fthe-fed\" target=\"_blank\"\u003EFederal Reserve\u003C\u002Fa\u003E’s emergency interest-rate cut."}};da[2]={is:i,props:{parsedParagraph:"The KBW Bank Index, which includes JPMorgan Chase, Bank of America, Wells Fargo and 21 other banking stocks such as regional giant Truist, has plunged by more than 22 percent over the past two weeks, a decline exacerbated by the Fed lowering its key interest rate. By comparison, the S&P 500 is down just 11 percent."}};da[3]={is:db,props:{url:"https:\u002F\u002Fstatic.foxbusiness.com\u002Ffoxbusiness.com\u002Fcontent\u002Fuploads\u002F2020\u002F03\u002FBank-Stocks-Battered-During-Market-Selloff-2.png",externalUrl:a,imageAlt:a,description:a,shortDescription:a,copyright:a,source:a,alignment:dc}};da[4]={is:i,props:{parsedParagraph:"The Fed slashed its key lending rate by 50 basis points to a range of 1 percent to 1.25 percent at an emergency meeting on Wednesday. A rate cut is detrimental to a bank’s earnings as it slices the profit margin on loans. "}};da[5]={is:i,props:{parsedParagraph:"Lenders are “really at the nexus of this in many ways, suffering from ultra-low interest rates,” Jonathan Hoenig, managing member at the Chicago-based Capitalistpig Hedge Fund, told FOX Business’ Stuart Varney on Friday. Banks were hit the hardest of all industry groups within the S&P 500, according to Dow Jones Market Data."}};da[6]={is:i,props:{parsedParagraph:"\u003Cstrong\u003E\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Feconomy\u002Fas-coronavirus-spreads-morgan-stanley-relocating-wall-street-traders-outside-of-nyc\" target=\"_blank\"\u003EMORGAN STANLEY, BANK OF AMERICA RELOCATE TRADERS AMID CORONAVIRUS\u003C\u002Fa\u003E\u003C\u002Fstrong\u003E"}};da[7]={is:i,props:{parsedParagraph:"What’s hurting them is the effect on net interest income, the industry's term for the difference between interest paid to depositors -- who supply the money a bank lends -- and interest charged to borrowers. That money typically makes up 50 to 75 percent of a bank's net revenue."}};da[8]={is:i,props:{parsedParagraph:"Lower rates mean more customers will borrow money, but banks will earn less per loan."}};da[9]={is:"stocks-in-this-article",props:{stocks:[{"@attributes":{source:bG},ticker:bG,description:"JPMORGAN CHASE & CO.",current:"248.55",bats_current:"248.52",netChange:"+3.79",bats_netChange:"+3.75",percentChange:"+1.55%",bats_percentChange:"+1.53%",bats_bid:"248.2",bats_bidSize:bH,bats_ask:"320.68",bats_askSize:bH,open:"243.61",bats_open:"243.63",close:dd,bats_close:dd,high:de,low:"243.03",oneYearHigh:de,oneYearLow:"152.71",volume:"7,328,291",dateTime:"11\u002F22\u002F2024 04:00 PM EST",bats_dateTime:w,exchange:"NYSE",fox_calc_change:"3.76",fox_calc_pct_change:"+1.54%",url:"\u002Fquote?stockTicker=JPM",identifier:"XX:274385"},{"@attributes":{source:bI},ticker:bI,description:"BANK OF AMERICA CORP.",current:"46.99",bats_current:"47.00",netChange:df,bats_netChange:df,percentChange:"+1.17%",bats_percentChange:"+1.18%",bats_bid:"47.02",bats_bidSize:"48",bats_ask:"47.21",bats_askSize:bH,open:"46.37",bats_open:dg,close:dh,bats_close:dh,high:di,low:dg,oneYearHigh:di,oneYearLow:"29.32",volume:"37,996,161",dateTime:w,bats_dateTime:w,exchange:aa,url:"\u002Fquote?stockTicker=BAC",identifier:"XX:255248"},{"@attributes":{source:dj},ticker:dj,description:"CITIGROUP INC.",current:dk,bats_current:dk,netChange:dl,bats_netChange:dl,percentChange:dm,bats_percentChange:dm,bats_bid:"69.62",bats_bidSize:dn,bats_ask:"70.18",bats_askSize:"5",open:do0,bats_open:do0,close:dp,bats_close:dp,high:dq,low:"68.45",oneYearHigh:dq,oneYearLow:"44.56",volume:"16,671,558",dateTime:w,bats_dateTime:w,exchange:aa,url:"\u002Fquote?stockTicker=C",identifier:"XX:258242"},{"@attributes":{source:dr},ticker:dr,description:"MORGAN STANLEY",current:"134.69",bats_current:"134.70",netChange:"-0.29",bats_netChange:"-0.32",percentChange:"-0.21%",bats_percentChange:"-0.23%",bats_bid:"133.78",bats_bidSize:dn,bats_ask:"242.41",bats_askSize:"46",open:"134.68",bats_open:"134.58",close:"134.98",bats_close:"135.01",high:ds,low:"133.96",oneYearHigh:ds,oneYearLow:"76.33",volume:"6,334,098",dateTime:w,bats_dateTime:w,exchange:aa,url:"\u002Fquote?stockTicker=MS",identifier:"XX:274646"},{"@attributes":{source:dt},ticker:dt,description:"THE GOLDMAN SACHS GROUP INC.",current:"602.79",bats_current:"602.78",netChange:"+6.74",bats_netChange:"+6.42",percentChange:"+1.13%",bats_percentChange:"+1.08%",bats_bid:"590",bats_bidSize:"15",bats_ask:"615",bats_askSize:"17",open:"596.79",bats_open:"596.40",close:"596.05",bats_close:"596.36",high:"603.94",low:"594.65",oneYearHigh:"607.15",oneYearLow:"334.87",volume:"1,733,996",dateTime:w,bats_dateTime:w,exchange:aa,url:"\u002Fquote?stockTicker=GS",identifier:"XX:266507"}]}};da[10]={is:i,props:{parsedParagraph:"“Volumes are going to be good, but they're going to be doing business at lower rates,” said Kenneth Leon, research director of industries and equities at CFRA Research. “And that's a big part of why the banks are down.”"}};da[11]={is:i,props:{parsedParagraph:"Even before the COVID-19 outbreak, which has paralyzed supply chains and caused people to avoid crowds, events and travel, banks were lowering their performance targets for this year due to a slowdown in borrowing and three Fed rate cuts at the end of last year."}};da[12]={is:i,props:{parsedParagraph:"Couple that with the uncertainty presented by the coronavirus, and you have a recipe guaranteed to produce a hangover."}};da[13]={is:db,props:{url:t,externalUrl:a,imageAlt:a,description:a,shortDescription:a,copyright:a,source:a,alignment:dc}};da[14]={is:i,props:{parsedParagraph:"“This sector is probably more vulnerable to uncertainty than other sectors in the market,” Robert Albertson, a New York-based managing director at Piper Sandler, told FOX Business. "}};da[15]={is:i,props:{parsedParagraph:"The steep slide in banking stocks shows the sector is “looking ahead for another round of rate cuts,” Leon said."}};da[16]={is:i,props:{parsedParagraph:"\u003Cstrong\u003E\u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fmarkets\u002Ffed-give-big-banks-simple-capital-rules\" target=\"_blank\"\u003EFED'S REVISED BANK RULE A BONUS FOR DIVIDENDS, BUYBACKS\u003C\u002Fa\u003E\u003C\u002Fstrong\u003E"}};da[17]={is:i,props:{parsedParagraph:"Fed fund futures traded at the Chicago Mercantile Exchange were pricing in a 72 percent chance on Saturday that the central bank would cut interest rates by another 50 basis points at its March meeting."}};da[18]={is:i,props:{parsedParagraph:"Its efforts may be buoyed by a consumer or business stimulus from Washington."}};da[19]={is:i,props:{parsedParagraph:"President Trump, who signed an $8.3 billion package to provide public agencies with money for vaccines, tests and potential treatments, has said his administration is considering further measures."}};da[20]={is:i,props:{parsedParagraph:"White House economic adviser Larry Kudlow told Varney on Friday that the administration is looking into a “timely and targeted micro approach” to \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002Fmarkets\u002Fcoronavirus-white-house-money-distressed-economy-kudlow\" target=\"_blank\"\u003Epump money into distressed parts of the economy\u003C\u002Fa\u003E."}};da[21]={is:i,props:{parsedParagraph:"But if bank stocks are getting pinched, their capital remains healthy, enabling a dividend yield of just below 3 percent, which according to Bank of America is the most attractive versus U.S. Treasurys since 2009. The yield on the 10-year note touched a record low below 0.67 percent this week."}};da[22]={is:i,props:{parsedParagraph:"Sooner or later, the market will look past the turbulence from COVID-19, however, and when it does, financials will likely be a beneficiary, according to Piper Sandler's Albertson."}};da[23]={is:i,props:{parsedParagraph:"\u003Cstrong\u003E\u003Ca href=\"http:\u002F\u002Ffoxbusiness.com\u002F\" rel=\"noopener noreferrer\" target=\"_blank\"\u003ECLICK HERE TO READ MORE ON FOX BUSINESS\u003C\u002Fa\u003E\u003C\u002Fstrong\u003E"}};da[24]={is:i,props:{parsedParagraph:"“When there's a global discontinuity of this magnitude, financials always get hit the hardest,” he told FOX Business. “But it's not fundamental. It's psychological. 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Story tips and ideas can be sent to \u003Ca href=\"mailto:kristen.altus@fox.com\" target=\"_blank\" rel=\"noopener noreferrer\"\u003Ekristen.altus@fox.com\u003C\u002Fa\u003E or on Twitter: \u003Ca href=\"https:\u002F\u002Ffoxnews.slack.com\u002Fteam\u002FU01QKL8GBCP\" rel=\"noopener noreferrer\"\u003E@kristenaltus\u003C\u002Fa\u003E\u003C\u002Fp\u003E","Altus","kristen-altus","b23c91bd-ae93-5748-a523-23dee966b1dd","Kristen","content\u002Ffb\u002Fperson\u002Fa\u002Fkristen-altus","foxbusiness.com\u002Fperson\u002Fl\u002Ferica-lamberg","Erica Lamberg","foxbusiness.com\u002Fperson\u002Fm\u002Faislinn-murphy","Aislinn Murphy","\u003Cp\u003EEric Revell is a writer for \u003Ca href=\"https:\u002F\u002Fwww.foxbusiness.com\u002F\" target=\"_blank\"\u003EFOX Business\u003C\u002Fa\u003E and \u003Ca href=\"https:\u002F\u002Fwww.foxnews.com\u002F\" target=\"_blank\"\u003EFox News\u003C\u002Fa\u003E Digital. 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