Financials hit hard as they start to report earnings

As banks and other financials report Q2 earnings this week, they're trying to recover from still-heavy losses year-to-date. The S&P Financials sector is down more than 22%, one of their worst losses this far into a year. After other large losses this far into a year, when they start to report earnings, they have a tendency to show gains relative to the broader market. It should be a good sign that "smart money" hedgers are shorting Treasury notes, too.

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