US Financial Sector Faces Downturn

The US financial sector experienced significant losses on Friday, as the Trump administration's imposition of reciprocal tariffs on various countries heightened fears of a potential recession. This move has raised concerns among investors and analysts alike, with many predicting a slowdown in the country's economic growth.

Warnings from Fitch Ratings

Adding to the unease, Fitch Ratings issued a warning that the current tariff policy significantly elevates the risk of the US entering a recession. The agency emphasized that these levies are likely to dampen the nation's growth prospects.

Major Financial Institutions Affected

The stock prices of leading financial institutions saw sharp declines. Blackstone dropped by 8.77%, trading at $121.42, while Morgan Stanley shares fell 8.39% to $98.82. Citigroup experienced a 9.15% dip, with shares going for $57.28. Similarly, BlackRock and Goldman Sachs saw their stocks plummet by 7.26% and 8.26%, respectively, with shares trading at $823.25 and $469. JPMorgan Chase wasn't spared, with its shares diving 6.71% to $212.05.