By Greg Morcroft
NEW YORK (MarketWatch) -- U.S. financial stocks fell on Wednesday morning highlighted by a 1.5% drop in Bank of America Corp. BAC -0.73% a day after Chief Financial Officer Bruce Thompson said the firm's second-quarter investment activity has been "a little bit slower" than first-quarter business. Citigroup Inc. C -0.76% and Morgan Stanley MS -1.44% also fell about 1.5%.In the broader market, the Financial Select Sector SPDR ETF XLF -0.43% , which tracks the financial stocks in the S&P 500, fell 0.4%. Of the three stocks that with Bank of America make up the quartet of financials in the Dow Jones Industrial Average DJIA -0.32% , J.P. Morgan's Chase & Co. JPM +0.73% shares rose while American Express Co. AXP -0.26% and Travelers Co's Inc. TRV -0.53% both rose. J.P. Morgan's outspoken and combative top dog Jamie Dimon is testifying in front of the Senate Banking Committee this morning about the bank's more than $2 billion losses in credit derivatives.
