Financials are worst performers globally, but consumer sectors bear watching
Investment banking and brokerage lead losses on S&P 500, as market sends warning signal
On the S&P 100, Bank of America leads losses with a nearly 4% decline, followed by Morgan Stanley and Goldman Sachs. Notably, the big drug retailers, CVS and Walgreen’s, are down by 3.5% and 2.5% respectively.
Investment banking and brokerage were the worst performing sector in the S&P 500, followed closely by construction materials — again, not a good sign after yesterday’s weak housing data.
The market is sending a warning signal that a reversal of the Trump agenda could have negative consequences for sectors exposed to systemic risk, such as financials, as well as consumer confidence. Banks led the Euro Stoxx 600 down with a 1.6% loss.