Why Bank Stocks JPMorgan Chase, Goldman Sachs, and Morgan Stanley Fell Today
Bank stocks struggled today as investors grew more concerned about the economy and the strength of consumers. Shares of JPMorgan Chase (NYSE: JPM), the largest bank in the U.S. by assets, fell 4.5%. Shares of investment banks and asset managers Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) also fell 3.9% and 4.5%, respectively.
The stock market and the consumer have proven extraordinarily resilient over the last few years, despite high inflation and the Federal Reserve hiking interest rates over 530 basis points (5.3%) in a relatively short period. Although inflation is not at the Federal Reserve's 2% preferred target and some worry that it might revert higher, investors have largely shaken off these concerns this year.
The threat of a slowdown in the economy or a recession has not been in focus with a strong labor market and economy that seems bulletproof, but signs of a potential recession have rattled the market on a few occasions over the last few years.
Source Fool.com
JPMorgan Chase & Co. Stock
The stock is one of the favorites of our community with 27 Buy predictions and 1 Sell predictions.
With a target price of 263 € there is a slightly positive potential of 11.72% for JPMorgan Chase & Co. compared to the current price of 235.4 €.
