Financial stocks led by Citigroup enter correction, down 10% from highs, on yield curve concern

The yield on the 2-year Treasury note topped the 10-year rate, a so-called yield curve inversion that has been a precursor to past recessions.

, though not yet in a bear market, were all in correction territory, down more than 10% from their 52-week highs.fell into bear market level, down more than 20% from their recent highs. They are more susceptible to a squeeze in lending margins because they don't have big capital markets businesses to offset it.

Goldman Sachs, J.P. Morgan Chase, Citigroup, Bank of America, Morgan Stanley and Wells Fargo are all down at least 8% in August, with consumer-lending oriented firms suffering the worst losses.

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