CHART OF THE DAY: US bank stocks hit all-time low relative to the S&P 500 as bond crash weakens balance sheets

• US bank stocks hit an all-time low relative to the S&P 500, according to Bank of America.
• The recent underperformance of bank stocks comes amid a bond crash that has weakened balance sheets.
• Other factors hurting banks include government regulations and a period of low interest rates.

Our Chart of the Day is from Bank of America, which shows that US bank stocks hit an all-time low relative to the S&P 500 going back more than 80 years.

Over the long term, US banks have been weakened by a number of factors, including periodic debt crises in the 1980s, 1990s, and 2000s, the bank said. Increased regulation on banks also isn't helping the sector versus the S&P 500.