Market Turmoil Following Tariff Announcements

In a dramatic turn of events, shares of leading US banking and financial institutions experienced significant losses this Friday. The downturn was triggered by the Trump administration's decision to impose reciprocal tariffs on a broad array of countries, intensifying fears of a looming recession.

Expert Warnings Ignite Market Anxiety

Adding fuel to the fire, Fitch Ratings had previously cautioned that such tariff policies could dangerously heighten the risk of the US economy entering a recession. Their analysis pointed to a likely slowdown in the nation's growth as a direct consequence of these levies.

Notable Stock Performances

The market's reaction was swift and severe. Blackstone saw its stock drop by 8.77%, while Morgan Stanley shares fell by 8.39%. Citigroup wasn't spared either, with a 9.15% dip in its stock value. Meanwhile, BlackRock and Goldman Sachs experienced declines of 7.26% and 8.26% respectively, and JPMorgan Chase shares decreased by 6.71%.