Not only is Bank of America (NYSE:BAC) having a less than banner day, so are its three biggest peers, not mention the markets in general. Why the long face? To be honest, it's not entirely clear.
The tale of the tickers
First, here's a quick overview of where the big banks and the market are shaking out so far today:
- B of A is down 0.86%.
- Citigroup (NYSE:C) is down 0.94%.
- JPMorgan Chase is down 1.81%.
- Finally, Wells Fargo is down 0.63%.
The market is down all around, as well, with the Dow Jones Industrial Average down 0.34%, the S&P 500 down 0.33%, and the Nasdaq down 0.23%.
Foolish bottom line
It's always appropriate in situations like this to take a look at the news, to see if anything big is cracking either in the markets, a particular sector of the economy, or for a particular company. In this case, a quick scan of the news reveals nothing much of anything going on.
We are a few weeks out from the stress tests -- a point of particular focus and concentration for those following the banking sector. B of A did well, and investors are getting $5 billion in share buybacks, though no dividend increase.
Citi did well, too, though CEO Michael Corbat has decided not to pursue any kind of capital-return action for its investors -- a smart move in my opinion, a sign he's serious about turning his bank around, even if shareholders don't get any immediate gratification out of it.
It could simply be that everyone's kind of exhausted after the stress tests, or perhaps a little bored, waiting for the next big event to rally round and get all worked up about. Like second-quarter results, maybe?
This lackluster performance by B of A, its peers, and the markets may also have little to do with anything other than that capricious, invisible hand of the market slapping everyone and everything down today.
Which is why it's always important to remember that you invest Foolishly. That you're in it for the long term. That although one day your favorite stocks are up, and the next day they're down, you have faith enough in their respective companies' fundamentals to know your money is in the right place.