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The Goldman Sachs Group, Inc. (GS) - free report >>
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The Goldman Sachs Group, Inc. (GS) - free report >>
JPMorgan Chase & Co. (JPM) - free report >>
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Why is the Stock Market Sliding Today?
The stock market took a dive on Wednesday thanks mostly to Apple (AAPL - Free Report) and a broader decline in bank shares.
The Dow Jones fell 350 points at one point after rising over 200 points earlier in the day. The S&P 500 pulled back about 1.3% while the Nasdaq Composite traded 1.3% lower.
Shares of Apple (AAPL - Free Report) took a big hit after Guggenheim downgraded the stock. This downgrade comes as UBS slashed its 12-month price target on AAPL and a target drop at Goldman Sachs. Overall, investors are worried about a slowdown in future iPhone sales.
Shares of Goldman Sachs (GS - Free Report) , J.P. Morgan Chase (JPM - Free Report) and Citigroup (C - Free Report) all fell as well after Democratic Rep. Maxine Waters said the Trump administration’s efforts to limit banking regulations “will come to an end.”
Stocks were also affected after Rep. Bill Pascrell, D-NJ, told Bloomberg News that the updated trade deal between the U.S., Canada and Mexico needs to be changed before it can pass through Congress.
Wednesday’s shaky moves follow a volatile trading session on Tuesday, with the Dow falling around 100 points at the close.
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