Why Shares of Wells Fargo, Citigroup, Bank of America, and JPMorgan Chase Are Falling Today

Shares of all the major U.S. bank stocks struggled today, along with the Dow Jones Industrial Average, which at one point fell 1,000 points on this shortened day of trading -- the worst drop for the index in all of 2021.

Shares of America's largest bank by assets, JPMorgan Chase (NYSE: JPM), had fallen 3.4% as of 12:30 p.m. EST, while shares of the second-largest bank in the U.S., Bank of America (NYSE: BAC), dropped more than 4%. Meanwhile, the more beaten-down Citigroup (NYSE: C) had fallen more than 3%, and Wells Fargo (NYSE: WFC) declined more than 5%. These are big daily moves for more stable large-cap stocks.

While Americans were enjoying their Thanksgiving meals, multiple media outlets reported that a new variant of the coronavirus had emerged in South Africa known as B.1.1.529 variant.

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Source Fool.com