Sell-Off in Financials Intensified During Last Hour of Trading (GS, BAC, C, more)

Despite better-than-expected Q1 earnings out of financial juggernaut, Goldman Sachs (NYSE: GS), last night, financial stocks underperformed the broader indices during today's trading session.

This weakness came as a slow rollover, however, as the majority of these stocks were only marginally lower at this morning's open. Goldman, for example, gapped about 5% lower, but ended today's session down more than 11.5%.

Trading in the popular ETF group was similar; shares of the Financial Select Sector SPDR (NYSE: XLF) gapped just 1.6% lower, but the fund finished today's trading session down nearly 7%. The Direxion Financial Bull 3x ETF (NYSE: FAS), commonly referred to as "the FAS", opened today's session down 2.8% but finished down more than 19.5% as the closing bell rang.

Elsewhere in the sector:

• Bank of America (NYSE: BAC) - opened the session 1.5% higher but closed down more than 8.4%
  
• Citigroup (NYSE: C) - opened up more than 11% but closed up just 5.5%.
  
• Wells Fargo (NYSE: WFC) - gapped 2% lower but closed down more than 7%
  
• Morgan Stanley (NYSE: MS) - opened 5% lower and, by the close, had fallen more than 12%
  
• JPMorgan (NYSE: JPM) - gapped 1.95% lower and closed down 8.9%

Notably, all of the financial stocks mentioned above are now trading down in the after-hours session.

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