Why Bank Stocks JPMorgan Chase, Goldman Sachs, and Morgan Stanley Fell Today

Bank stocks struggled today as investors grew more concerned about the economy and the strength of consumers. Shares of JPMorgan Chase (NYSE: JPM), the largest bank in the U.S. by assets, fell 4.5%. Shares of investment banks and asset managers Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) also fell 3.9% and 4.5%, respectively.The stock market and the consumer have proven extraordinarily resilient over the last few years, despite high inflation and the Federal Reserve hiking interest rates over 530 basis points (5.3%) in a relatively short period. Although inflation is not at the Federal Reserve's 2% preferred target and some worry that it might revert higher, investors have largely shaken off these concerns this year.The threat of a slowdown in the economy or a recession has not been in focus with a strong labor market and economy that seems bulletproof, but signs of a potential recession have rattled the market on a few occasions over the last few years.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool