In an already volatile market spurred by Russia’s invasion of Ukraine, one of the more curious moves has been the plunge in U.S. bank stocks.
The KBW Nasdaq Bank Index (ticker: BKX) on Tuesday was down 6.3%, marking its largest drop since June 19, 2021, when it fell 4.9%. The index, which follows 24 of the largest banks in the U.S., has declined for seven of the last trading days and had dropped 5% this year. The S&P 500 on Tuesday was down by 1.8%.
Bank…