Here's Why Bank of America, SoFi, and Goldman Sachs Are All Plunging
Not surprisingly, the stock market was having a rather weak day on Tuesday, after President Trump's tariffs went into effect on Canada, Mexico, and China. As of 12:15 p.m. ET, all major indexes were lower, and the S&P 500 (SNPINDEX: ^GSPC) was down by about 1.3% for the day.Some sectors and industries were hit harder than others. While certain areas of the market are clearly tariff-sensitive, such as automakers, there are others that could be indirectly impacted. The financial sector is one big example of this, and many bank stocks were dramatically underperforming the market.To name a few examples, megabank Bank of America (NYSE: BAC) was down by 6% for the day. Investment banking leader Goldman Sachs (NYSE: GS) had fallen by 5%. And app-based banking platform SoFi (NASDAQ: SOFI) was lower by more than 6.5%.Continue reading
Not surprisingly, the stock market was having a rather weak day on Tuesday, after President Trump's tariffs went into effect on Canada, Mexico, and China. As of 12:15 p.m. ET, all major indexes were lower, and the S&P 500 (SNPINDEX: ^GSPC) was down by about 1.3% for the day.
Some sectors and industries were hit harder than others. While certain areas of the market are clearly tariff-sensitive, such as automakers, there are others that could be indirectly impacted. The financial sector is one big example of this, and many bank stocks were dramatically underperforming the market.
To name a few examples, megabank Bank of America (NYSE: BAC) was down by 6% for the day. Investment banking leader Goldman Sachs (NYSE: GS) had fallen by 5%. And app-based banking platform SoFi (NASDAQ: SOFI) was lower by more than 6.5%.
