Market Reacts to Tariff Announcements

The United States financial sector experienced a significant downturn on Friday, following the Trump administration's decision to impose reciprocal tariffs on a variety of countries. This move has sparked concerns over a potential recession, impacting shares across the board.

Warnings from Fitch Ratings

Prior to the market's reaction, Fitch Ratings issued a warning that the current tariff policy could significantly elevate the risk of the US entering a recession. The agency highlighted that the imposition of levies is likely to slow down the country's economic growth.

Notable Stock Performances

Among the most affected were shares of major financial institutions. Blackstone saw its stock price drop by 8.77% to $121.42, while Morgan Stanley shares fell by 8.39% to $98.82. Similarly, Citigroup experienced a 9.15% decline, with shares trading at $57.28. BlackRock and Goldman Sachs weren't spared, with their shares plummeting by 7.26% and 8.26%, respectively. JPMorgan Chase also faced a downturn, with shares diving 6.71% to $212.05.