US stocks slid in trading on Thursday after more worrying headlines about Deutsche Bank sent that firm’s shares lower.
At 1:52 p.m. ET, the Dow is down 209 points (1.14%), the S&P 500 is down 22 points (1.09%), and the Nasdaq is down 54 points (1.05%).
Deutsche Bank’s US-listed shares fell by as much as 7% following a Bloomberg report suggesting that a number of hedge funds clients have started shifting business to other banks.
The stock fell to a record low on Monday amid concerns over a $14 billion settlement the bank may have to pay US authorities over an investigation into sales of mortgage-backed securities.
US government bonds gained amid the sell-off in stocks. The benchmark 10-year Treasury yield fell one basis point to 1.551%.
Here’s the Dow’s drop intra-day:
And here’s the decline in Deutsche Bank’s shares: