The top five U.S. investment banks lost $125 billion in market value in three weeks. History suggests it’s an early investor bet on an economic downturn. But the experience from the last crisis makes that message imprecise. AntonyMCurrie
Shares in Bank of America closed on Aug. 15 at $26.25 a piece, leaving the firm trading just below the book value it reported at the end of the second quarter. Citigroup, Goldman Sachs and Morgan Stanley were already trading at a discount to book value, while JPMorgan sports a 42% premium.
The yield on the U.S. Treasury’s 10-year debt briefly dipped below that of the 2-year note on Aug. 14. This was the first time this section of the yield curve had inverted since 2007, according to data from Refinitiv.
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