trending Market Intelligence /marketintelligence/en/news-insights/trending/xjl-uv-dopbvqyp6c2ikwq2 content esgSubNav
In This List

Thursday's Bank Stocks: Markets lower amid tariffs, talks of trade war

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Thursday's Bank Stocks: Markets lower amid tariffs, talks of trade war

U.S. markets slipped Thursday, May 31, following the Trump administration's decision to impose 25% tariffs on steel imports and 10% tariffs on aluminum imports from Canada, Mexico and the European Union.

The EU said it will take the U.S. to the World Trade Organization to settle the row, and that it plans to retaliate with additional duties on American imports. In a statement, Mexico's Economy Secretariat said it would impose measures in an equivalent amount on certain products. And during a press conference, Canadian Prime Minister Justin Trudeau called the tariffs "totally unacceptable" and outlined $16 billion in countermeasures, CBS San Francisco reported.

The Dow Jones Industrial Average slid 1.02% to 24,415.84, the S&P 500 decreased 0.69% to 2,705.27 and the Nasdaq Composite Index slipped 0.27% to 7,442.12.

The KBW Nasdaq Bank Index was down 0.61% at 105.94, and the KBW Nasdaq Regional Bank Index finished the day 1.18% lower at 117.42.

Bank of America Corp. fell 1.12% to $29.04, Citigroup Inc. ticked up 0.03% to $66.69, JPMorgan Chase & Co. declined 1.23% to $107.01 and Wells Fargo & Co. decreased 0.44% to $53.99.

Among notable movers, BancorpSouth Bank slipped 1.76% to $33.50, Hope Bancorp Inc. sank 2.39% to $17.99 and Hancock Whitney Corp. lost 2.43% to $50.25.

Citizens Financial Group Inc. bucked the downward trend Thursday, gaining 1.01% to $40.85 after announcing plans to buy assets of Franklin, Tenn.-based Franklin American Mortgage Co. Inc. for $511 million in cash, or 1.1x tangible book value. Analysts said the deal is in line with the bank's plans to bolster fee income.

In economic news, initial claims for U.S. unemployment benefits dropped by 13,000 to a seasonally adjusted 221,000 in the week that ended May 26 from an unrevised level of 234,000 the prior week, according to the U.S. Labor Department. The four-week moving average rose by 2,500 to 222,250 from 219,750.

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.

Market prices and index values are current as of the time of publication and are subject to change.