(CNBC) – Regional banks dipped into bear market territory Tuesday as long-term interest rates sank amid concerns of waning economic activity and falling inflation expectations. Shares of SunTrust, Citizens Financial Group, Fifth Third Bancorp and Regions Financial all fell more than 5 percent in afternoon trading as the yield on the benchmark 30-year Treasury bond dropped 10 basis points and the yield on
the 10-year Treasury note fell 7 basis points. PNC Financial also dropped 5 percent and was on pace for its worst day since Oct. 12. The SPDR S&P Regional Banking ETF lost 5 percent and fell into bear market territory, more than 20 percent off its all-time high notched in June. The ETF is on track for its worst day since March 21, 2017. Larger banks including Bank of America, Morgan Stanley and Citigroup all dropped more than 4 percent. READ MORE
