Bank stocks slide worldwide as bond yields climb
Shares of banks fell across global markets after bond yields reached a 24-year high, with reported bond losses exceeding $326 billion.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Bank stocks sank worldwide as bond yields hit a 24-year high, with bond losses reported at over $326 billion. Large U.S. banks, whose stocks were already sliding, entered their third-quarter earnings period amid rising Treasury yields. By October 12, big U.S. bank stocks were reported to be in correction territory as earnings kicked off.
Timeline
- Oct 11, 5:22 AM ET: Bank stocks sank worldwide as bond yields hit a 24-year high, with bond losses topping $326 billion.
- Oct 11, 11:10 AM ET: A surge in Treasury yields and a $270 billion hit to sector market value ahead of Q3 earnings rattled investor confidence.
- Oct 12, 1:18 PM ET: Big U.S. bank stocks were teetering in correction territory as earnings kicked off Tuesday.
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