** Economically sensitive bank stocks .SPXNK tumble 2.5% amid a selloff on the Wall Street after data showed U.S. employment growth slowed more than expected in July
** Major U.S. banks JPMorgan Chase JPM.N, Wells Fargo WFC.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Citigroup C.N, and Bank of America BAC.N shed between 1.8% and 2.5%
** A deterioration in labor market conditions has put a September interest rate cut by the Federal Reserve back on the table
** When interest rates fall, banks earn less on loans relative to what they pay on deposits, narrowing their net interest margins
** Businesses and consumers also borrow less, reducing banks' interest income in a slowing economy
** Nasdaq regional banking index .KRX sheds 2.7%
** YTD, SPXBK up 12.6% versus 6.1% slide in KRX
(Reporting by Medha Singh)
((medha.singh@thomsonreuters.com))
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