Morgan Stanley extends losing streak to six sessions as bank stocks slide
-0.45% to $192.76 from $193.64
What moved MS
- Morgan Stanley was on pace for its sixth consecutive daily decline, the longest such stretch for the stock since early 2024, with JPMorgan Chase and Bank of America also among bank stocks trading lower.
- The pressure came as the 30-year Treasury yield climbed above 5.6%, its highest level since 2002, weighing on bank valuations broadly.
- The stock has also lagged peers in recent sessions after a Semafor report that UBS was reviving discussions about a possible merger to move out of Swiss regulatory oversight, with Morgan Stanley named as a potential suitor given its interest in UBS’s wealth-management book.
- Wells Fargo had cut its price target on Morgan Stanley to $223 from $240 following the UBS report.
Sources: CNBC · Yahoo Finance