The S&P 500 fell over 1% on Tuesday amid political uncertainty in Italy and a falling 10-year yield, but the broad index is still up 1.3% for the month of May.
Investors took cover in 10-year German bunds, which saw its yields fall below 0.3%. In mid-May, 10-year German bunds yielded roughly 0.6%.
U.S.banking stocks were hit particularly hard, including JPMorgan Chase JPM and Bank of America BAC . Falling U.S. interest rates ding profitability for banks.
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