US Market: Financial stocks slide as AI disruption, bond curve weigh on banks
US financial stocks came under pressure on Tuesday as investors assessed the potential impact of artificial intelligence on traditional financial businesses, uncertainty surrounding AI-related initial public offerings and signals from the bond market that could point to softer economic conditions.
The S&P 500 Financial index ended 2% lower, with money managers among the biggest decliners. Charles Schwab fell 6.1%, while Ameriprise Financial dropped 4.4% and Raymond James lost more than 3%. The S&P 500 bank index also declined 3%.
