Market Turbulence Hits US Financial Giants

The US financial sector experienced significant losses on Friday, as the Trump administration's decision to impose reciprocal tariffs on a wide range of countries sparked fears of an impending recession.

Expert Warnings Ignite Investor Concerns

Just a day before the market dip, Fitch Ratings issued a stark warning, stating that the current tariff policy significantly elevates the risk of the US entering a recession. The agency highlighted that these levies are likely to slow down the country's economic growth.

Major Players Feel the Pressure

The stock market reaction was immediate and severe. Blackstone saw its shares drop by 8.77%, while Morgan Stanley experienced an 8.39% plunge. Citigroup wasn't spared either, with a 9.15% dip in its stock value. Other financial giants like BlackRock and Goldman Sachs also faced significant losses, tumbling 7.26% and 8.26%, respectively. JPMorgan Chase rounded out the day with a 6.71% decrease in share value.