29 August
S&P 500 retreats from record highs amid US bank stock slump
The S&P 500 index dipped 0.4% as disappointing bank earnings overshadowed upbeat US inflation data. Meanwhile, the Nasdaq 100 inched up 0.1% to reach a new record high. American stocks have been under pressure in recent weeks, weighing on broader market performance, Bloomberg reported.
Wells Fargo shares tumbled 5.5% after the bank lowered its 2025 profit forecast. BlackRock slid 5.9% as well, following weaker-than-expected fund inflows in the second quarter.
Ten of the S&P 500’s eleven sectors closed in the red, with financials, commodities, and healthcare stocks pulling the index down the most. The tech sector, however, bucked the trend with gains.
Despite the S&P 500 remaining just 0.6% below its all-time peak, investors are bracing for the weakest bank earnings season since mid-2023. This is compounded by lingering uncertainty over Trump’s proposed tariff policies.
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