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Big Financials Weaken a Bit — Why?

Dow loses a bit of steam midday due to financials. The Dow has lost about 50 points in the past half hour (as of this writing) due to weakness in its financial components: Bank of America, JPMorgan and Citigroup have all gone from up to down on the day.

This is likely due to concern that regulatory reform is looking increasingly real. A few hours ago the Senate Agricultural Committee voted to ban banks from the derivatives market. Republican Senator Richard Shelby also said he was optimistic there would be agreement with the Republicans on some form of financial regulatory reform.

Energy stocks like Exxon Mobil and Chevron have also lost a bit of steam.

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