JPMorgan Chase & Co. is in the midst of its longest big disadvantage in more than three decades, only a month after reaching an all-time high.
On Friday, the bank, run by Jamie Dimon, lost 1.3 percent, extending its losing skid to nine sessions, the longest since March 1988. Fears of a resurgence of coronavirus outbreaks in Europe spurred investors to return to Treasury bonds, resulting in lower yields.
JPMorgan is not the only bank that has recently come under pressure. The KBW Bank Index has now fallen for four consecutive days. During this time, other major banks, such as Wells Fargo & Co. and Bank of America Corp., incurred huge losses. and Citigroup Inc., all of which plummeted by at least 3.5 percent during that time span.
To be sure, JPMorgan’s 4.8 percent drop in the last nine sessions isn’t the biggest this year. The lender lost around 11% in a 10-day period in June, after losing about 9% in a similar period in January. The current losing trend ended in just two days, with the stock closing one penny lower on November 11.