Financial Sector Takes a Hit

In a dramatic turn of events, shares of leading banking and financial institutions in the United States experienced significant losses this Friday. The downturn comes in the wake of the Trump administration's decision to impose reciprocal tariffs on a broad spectrum of countries, intensifying fears of an impending recession.

Experts Weigh In

Adding to the concerns, Fitch Ratings issued a stark warning the previous day. The agency highlighted how the current tariff policy markedly elevates the risk of the US economy entering a recession, with growth expected to decelerate as a direct consequence of these levies.

Market Reactions

The market's response was immediate and severe. By 10:33 am ET, Blackstone's stock had plummeted by 8.77%, trading at $121.42. Morgan Stanley wasn't far behind, with shares dropping 8.39% to $98.82. Citigroup saw a 9.15% decline, with shares going for $57.28, while BlackRock and Goldman Sachs experienced drops of 7.26% and 8.26%, respectively. JPMorgan Chase also felt the sting, with shares diving 6.71% to $212.05.