BANK STOCKS SLIDE WHILE THE S&P SITS NEAR A RECORD

All 10 of the largest US banks are trading below their 2026 highs. Goldman Sachs $GS is down 23% from its July peak and Capital One $COF is down 23% from January, while the KBW Bank Index has lost 12% since mid-August. The S&P 500 closed Thursday just 0.7% below the record it set on October 6. The pressure comes from two places banks are exposed to: the 10-year Treasury yield hit 5.31% on October 5, its highest since May 2002, which cuts the value of the bonds on their books, and office CMBS delinquencies reached 12.16% in September according to Trepp, above the 10.7% peak of the post-2008 cycle.