Wall Street stocks fall as financial and industrial shares retreat amid worries over slowing growth, in a session overshadowed by historic courtroom appearance of former president Donald Trump
Investors are still split on whether the U.S. economy will fall into a recession and how badly corporate profits are set to drop.
Bank stocks took a hit after JPMorgan Chase & Co CEO Jaime Dimon warned in a letter to shareholders that the US banking crisis is ongoing and that its impact will be felt for years.Bank of America and Wells Fargo & Co dropped more than 2 percent, and the S&P 500 banks index fell 1.9 percent. The Nasdaq declined 0.52 percent to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59 percent to 33,403.04 points.Heavyweight chipmaker Nvidia lost 1.8 percent, weighing more than any other stock on the S&P 500's decline.
So far in 2023, the S&P 500 has gained nearly 7 percent and it remains down about 15 percent from its record-high close in January 2022.
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