Here's Why Bank Stocks Are Getting Crushed by Tariffs
The stock market was having its worst day in years on Thursday after President Trump announced tariffs on more than 180 countries that were far worse than expected. As of 1 p.m. ET, the S&P 500 (SNPINDEX: ^GSPC) was lower by nearly 4% for the day, and the tech-heavy Nasdaq Composite (NASDAQINDEX: ^IXIC) was doing even worse, down by 5%.Bank stocks were one of the hardest-hit stock market sectors. Megabank JPMorgan Chase (NYSE: JPM) was lower by 5.5%, consumer-focused Wells Fargo (NYSE: WFC) was down by 7.4%, and Citigroup (NYSE: C) fell by more than 10%.At first glance, the big U.S. banks might not seem to have too much to worry about from tariffs. After all, they don't really import anything, nor do they sell any taxable products in international markets (although Citigroup does have the most international exposure of the three, which could explain why it is the worst performer).Continue reading
The stock market was having its worst day in years on Thursday after President Trump announced tariffs on more than 180 countries that were far worse than expected. As of 1 p.m. ET, the S&P 500 (SNPINDEX: ^GSPC) was lower by nearly 4% for the day, and the tech-heavy Nasdaq Composite (NASDAQINDEX: ^IXIC) was doing even worse, down by 5%.
Bank stocks were one of the hardest-hit stock market sectors. Megabank JPMorgan Chase (NYSE: JPM) was lower by 5.5%, consumer-focused Wells Fargo (NYSE: WFC) was down by 7.4%, and Citigroup (NYSE: C) fell by more than 10%.
At first glance, the big U.S. banks might not seem to have too much to worry about from tariffs. After all, they don't really import anything, nor do they sell any taxable products in international markets (although Citigroup does have the most international exposure of the three, which could explain why it is the worst performer).
