🏦 Major Declines in Bank Stocks: JPMorgan, Morgan Stanley, Citigroup, and Bank of America Struggle Amid Tariff Fears | Financials Sector Insight
(XLF) is experiencing a decline today, coinciding with significant drops in major U.S. stock indices, including the S&P 500 and Nasdaq, which have also fallen over 3%. This downturn follows President Trump's announcement of a 10% baseline tariff.
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Thursday, April 3
XLF [-4.1%]
Financial Select Sector SPDR Fund
The Financial Select Sector SPDR Fund (XLF) is experiencing a decline today, coinciding with significant drops in major U.S. stock indices, including the S&P 500 and Nasdaq, which have also fallen over 3%. This downturn follows President Trump's announcement of a 10% baseline tariff on all imports and increased tariffs on countries like China, raising concerns about economic growth and inflation. Key holdings within XLF are under pressure, with JPMorgan Chase, Bank of America, and Morgan Stanley all reporting substantial losses. Notably, Bank of America has reached a 28-week low amid worries about the impact of tariffs on loan growth. Additionally, labor market data shows initial jobless claims falling but continuing claims rising, highlighting challenges in the workforce. The Dow Jones Index has declined by 2.25%, reinforcing the negative sentiment surrounding financial equities today.