Major US banks down as tariff uncertainty stokes growth concerns

Shares of major Wall Street banks fall amid a market-wide selloff as U.S. tariffs fan concerns of economic slowdown

JPMorgan Chase JPM.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Bank of America BAC.N and Citigroup C.N are down; Goldman Sachs leads the declines with 1.9% 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

Wall Street's main indexes fell, led by a decline in chip stocks as Marvell's forecast fanned worries of slowing demand for AI infrastructure, while worries about a trade war unleashed by U.S. tariffs also weighed on sentiment

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 fell 1.5%