Major Wall Street lenders down on recession concerns
Shares of major Wall Street banks fall in premarket trading as tariff worries continue to spark fear of economic slowdown among investors
JPMorgan Chase JPM.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Bank of America BAC.N, Citigroup C.N and Wells Fargo WFC.N are down; Morgan Stanley leads the declines with 1.9% fall
Equities market has remained volatile against the backdrop of tariff uncertainty, sparking concerns of an impending economic recession
A Reuters poll found 91% of economists view the odds of a downturn to have increased under US President Donald Trump's rapidly shifting trade policies
On Friday, Fed Chair Jerome Powell said that the economy was on a strong footing, but he also underscored the need for caution on lowering borrowing costs
S&P 500 Banks .SPXBK index is down 8.8% YTD
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