Market Reacts to Recession Concerns

The US financial sector experienced significant losses on Friday, as the imposition of reciprocal tariffs by the Trump administration sparked fears of an impending 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 anxiety, Fitch Ratings highlighted the increased risk of a US recession due to the current tariff policies. The agency emphasized that these levies could hinder the nation's economic momentum, further unsettling the markets.

Major Financial Institutions Feel the Pressure

The impact was immediate and severe for leading financial entities. Blackstone's shares fell by 8.77%, while Morgan Stanley saw an 8.39% drop. Citigroup, BlackRock, and Goldman Sachs also reported significant declines, with JPMorgan Chase not far behind, underscoring the widespread apprehension within the sector.