Why Citigroup, PNC Financial, and M&T Bank Stocks Fell in August
Nasdaq What happened
After a strong July, buoyed by better-than-expected second-quarter earnings reports, banks generally cratered in August. Three of the biggest losers were Citigroup (NYSE: C), PNC Financial Services (NYSE: PNC), and M&T Bank (NYSE: MTB). Citigroup was down 13.4% in August, while PNC fell 11.8% and M&T Bank dropped 10.6% last month, according to S&P Global Market Intelligence.
These stocks all trailed the major indexes, as the S&P 500 dropped 1.6%, the Dow Jones Industrial Average plunged 2.4%, and the Nasdaq Composite was off 1.7% in August.
So what
All three of these banks also underperformed the KBW Nasdaq Bank index, which tracks the 24 largest banks in the U.S., but not by much. For August, the index was down 7.9%, so it was a bad month overall for banks.
