"Goldman Sachs took the hardest hit, plunging 5.1% from its opening price of $956.17 to close near $907.99. The real carnage came between 3:55 PM and 4:00 PM ET, when volume exploded to 708,549 shares in a single five-minute window. That's institutional selling, not retail panic. As we discussed in today's Daily Profit newsletter, Fed rate decisions and Treasury yield movements continue to drive financial sector volatility, and today's selloff confirms those concerns."
"JPMorgan followed a similar pattern, dropping from $312.88 at the open to $302.79 by the close, with 5.57 million shares changing hands at 4:00 PM. Banking had been a 'safe haven' as investors fled industries they were afraid could be 'disrupted' by the rise of AI. However, we've seen fears spread to even more sectors like commercial real estate in recent days. This could be adding additional selling pressure across the financial space."
"The broader market provided little comfort. The S&P 500 (tracked by SPY) declined 1.8% intraday, with the heaviest selling pressure hitting during the same 3:50 PM to 4:10 PM window that hammered the banks. But here's the key: banks underperformed. While SPY fell less than 2%, Goldman dropped over 5%. That's not just market weakness. That's sector-specific selling. What triggered the exodus? The catalyst appears to be a cascade of analyst downgrades in the asset management sector."
Goldman Sachs plunged 5.1% from $956.17 to $907.99, with volume spiking to 708,549 shares between 3:55–4:00 PM, indicating institutional selling. JPMorgan fell from $312.88 to $302.79, with 5.57 million shares trading at 4:00 PM. Citigroup declined about 5% to $111.47. The S&P 500 dropped 1.8% intraday, with the heaviest selling between 3:50–4:10 PM, yet banks underperformed, amplifying sector-specific weakness. Fed rate decisions and Treasury yield moves are driving financial volatility. Analyst downgrades in asset management and spreading fears around commercial real estate added selling pressure across financial stocks.
Read at 24/7 Wall St.
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