Opening Glance: Shares of commercial banks slide

Commercial bank stocks mostly dropped Thursday morning as Wall Street reviewed a weaker-than-expected reading of the service sector and crude oil prices continued to rally.

The Institute for Supply Management said its index of June service sector activity fell to 48.2 from 51.7 in May. Wall Street had expected the number would come in at 51. A reading below 50 signals contraction.

Meanwhile, crude prices climbed near $146 per barrel on the New York Mercantile Exchange.

Here's how some shares of commercial banks are trading:

National City Corp., up 5 cents to $4.66.

Wachovia Corp., down 34 cents to $15.04.

First Horizon National Corp., down 30 cents to $7.37.

Zions Bancorp, down $4.70, or 14.9 percent, to $26.92.