Major Wall Street lenders down on recession and interest-rate concerns

Shares of major Wall Street banks fall as tariff impact continues to spark fear over interest rate volatility and recession concerns

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 5.6% fall

Equities market has remained volatile against the backdrop of tariff uncertainty, sparking concerns of an impending economic recession

*Key driver behind banks' stocks sliding is short-term interest rate re-inversion due to inflation concerns and tariff impacts. Consumer warning signs from major retailers like Walmart and Target are also contributing to economic uncertainty - KBW analysts said in a note

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 4%