Bank Stocks lead the Decline
The US stock market took a hit after the Federal Reserve Chairman, Jerome Powell, suggested that interest rates may need to stay high for longer. This led investors to fear more rate hikes would cause a recession, and bank stocks led the decline as a result.
Shares of Wells Fargo took the biggest hit, losing 4.7%, while Bank of America, Goldman Sachs and JPMorgan Chase all saw their shares "evaporate" about 3%. This news also means that the top rate is likely to be higher than previously expected.
Big tech companies like Apple, Alphabet and Microsoft also saw their shares drop at least 1%, as investors anxiously wait to see how the market will react to the increase in interest rates.
In addition, airline stocks were also impacted by the market's downtrend, following the news that the Justice Department filed a lawsuit to block JetBlue's acquisition of Spirit Airlines. Shares of United Airlines, however, rose 3%, while Delta and American shares both saw modest increases of 1.6% and 1.5%, respectively.
Despite the overall market downturn, investors are still holding out hope that the Federal Reserve may end its policy soon, which would alleviate some of the pressure on bank stocks and the market as a whole. However, this remains to be seen, and the market will likely continue to experience fluctuations as investors react to new information and changing market conditions.
Bank Stocks lead the Decline
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