US investment banks plunge as Trump's tariffs cloud capital markets

Shares of U.S. investment banks plunge after President Donald Trump stokes trade war by unleashing sweeping tariffs on U.S. imports

Evercore EVR.N and Lazard LAZ.N plunge ~13% each, while Jefferies JEF.N falls 12.4%

Moelis MC.N falls 11.3%, Piper Sandler PIPR.N down 10.7%

Stifel Financial SF.N, Perella Weinberg Partners PWP.O, PJT Partners PJT.N and Houlihan Lokey HLI.N down 10.2%, 8.5%, 6.8%, and 7%, respectively

High macroeconomic uncertainty has impacted dealmaking conditions and fueled concerns around the sustainability of an investment banking rebound

Recovery in deal activity set to be pushed out amid market volatility and macroeconomic uncertainty

Morgan Stanley Research remains slightly optimistic, says investment banking started off weak this year but deal closings accelerated at Q1 end

Says we are now at least moving past peak uncertainty for companies planning deals