Bank stocks swing to broad losses after inflation data

The financial sector reversed course to trade broadly lower Thursday, along with the broader stock market, after data showed that consumer inflation rose more than expected in September. The SPDR Financial Select Sector ETF XLF, -2.06% sank 1.8% in premarket trading, after being up about 1.3% just before the inflation data was released, as futures ES00, -2.20% for the S&P 500 SPX, -2.25% swung to a loss of 1.8% from a gain of 1.1%. Among the financial ETF’s more-active components, shares of Bank of America Corp. BAC, -1.22% swung to a loss of 1.9% from a gain of 0.1%; Citigroup Inc. C, -1.24% reversed to a decline of 1.9% from a gain of 0.9%; JPMorgan Chase & Co. JPM, -0.69% went from a gain of 0.3% to a loss of 1.5%; Wells Fargo & Co. WFC, -1.38% lost 1.5%, after being up 0.3% pre-data; and Goldman Sachs Group Inc. GS, -2.35% dropped 1.6% after being up 0.7% before the data.