Wall Street lenders dive after jobs data deepens economic slowdown worries

Shares of major U.S. banks dive as February's jobs data clouds expectations over next Federal Reserve's rate cut and economy's health

JPMorgan Chase JPM.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Bank of America BAC.N, Citigroup C.N and Wells Fargo & Co WFC.N are down; Wells Fargo leads the declines with 4.4% fall

U.S. jobs data has failed to soothe worries of world's largest economy slowing down which has worsened with President Trump imposing tariffs on key trading partners

A Labor Department report showed job growth picked up in February from the previous month. However, unemployment ticked up to 4.1%, adding to worries about the economy's resilience

Following the data, traders added to expectations that the central bank will lower borrowing costs for the first time in June, according to data compiled by LSEG

S&P 500 Banks .SPXBK index is down 2.4%