US banks fall for second straight session after weak economic data
Updates
** Shares of major U.S. banks fall for second straight session, as weak economic datasparks investor concerns around the economy falling in recession
** A measure of U.S. manufacturing activity dropped to an eight-month low in July amid a slump in new orders, data on Thursday showed
** Data on Friday showed U.S. job growth slowed more than expected in July, while unemployment rate increased, which could heighten fears that the labor market is deteriorating and potentially making economy vulnerable to recession
** JPMorgan Chase & Co JPM.N, Wells Fargo & Co WFC.N, Morgan Stanley MS.N, Citigroup C.N, Bank of America BAC.N and Goldman Sachs GS.N drop between 3.8% and 6.7%
** Regional Banks also following same trajectory with Western Alliance Bancorp WAL.N, KeyCorp KEY.N, First Horizon FHN.N, Citizens Financial CFG.N down between 4.5% and 6.6%
** Stocks are tracking fall in U.S. Treasury yields asthe benchmark 10-year yield declines 15.2 bps to 3.826%
** S&P 500 banks .SPXBK index down 4.4% and KBW regional banking index .KRX down 4.1%
Reporting by Jaiveer Singh Shekhawat in Bengaluru
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