Are banks gearing up for a breakout?
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Summary: Financial stocks have underperformed the broader market of late but may be on the cusp of advancing as we head into corporate earnings season.
Financial stocks rallied for two days as 10-year Treasury yields hit a fresh new high around 3.23% and analysts say that underperforming bank shares may be poised to gain off low expectations into third-quarter earnings season. The first batch of these Q3 bank earnings kick are due for release on October 12 (Friday).