Major US banks down on economic slowdown worries amid tariff uncertainty

Shares of major Wall Street banks fall in premarket trading amid economic slowdown worries

JPMorgan Chase JPM.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Bank of America BAC.N and Citigroup C.N are down; Morgan Stanley leads the declines with 1.6% fall

Tariff uncertainty has resulted in individuals holding back on consumption and corporate executives staying put on investment decisions, sparking concerns of an impending economic slowdown as inflation stays elevated

Comments from several key policymakers, due later in the day, are likely to strike a cautious tone on monetary policy easing

S&P 500 Banks .SPXBK index is up 1.4% YTD