Signature Bank (NASDAQ:SBNY) shares are trading lower Monday alongside several companies in the broader banks and financial services sector amid overall weakness as stocks continue to sell off following worse-than-expected May CPI data.
Inflation accelerated again in May as the headline CPI rose 8.6%, up from 8.3% in April and above average economist estimates of 8.3%. Core inflation, excluding food and energy prices, was up 6% in April, which was also above economist estimates of 5.9%.
An increase in U.S. Treasury yields has also weighed on the tech sector. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 3.346% at press time.
Signature Bank is a New York-based commercial bank. It is engaged in offering a wide range of business and personal banking products and services.
SBNY Price Action: Signature Bank. has traded between $374.76 and $170.76 over a 52-week period.
The stock was trading about 12.8% lower at $175.79 per share on Monday at the time of publication.
