Bank, Private-Equity Stock Rout Deepens As AI Fears Mount: What's Moving Markets Friday?
A sharp banking selloff gripped Wall Street on Friday, compounding a week dominated by concerns over artificial intelligence-driven economic disruption. Hotter-than-expected producer price data added pressure, clouding the Federal Reserve's rate-cut path.
By 1:00 p.m. in New York, the Nasdaq 100 was down 0.6%, the S&P 500 fell 0.7%, the Dow Jones Industrial Average tumbled 1.3% and the Russell 2000 declined 2.1%.
Financials led the downturn. Goldman Sachs Group Inc. (NYSE:GS), Wells Fargo & Co. (NYSE:WFC), Bank of America Corp. (NYSE:BAC), Morgan Stanley (NYSE:MS) and Citigroup Inc. (NYSE:C) plunged between 5% and 7%, marking their worst sessions since early April.
The investor anxiety extended to diversified financials. Jefferies Financial Group Inc. (NYSE:JEF) and Western Alliance Bancor
Generated by Pulse AI, Glideslope's proprietary engine for interpreting market sentiment and economic signals. For informational purposes only — not financial advice.