📉 Wall Street Slips as Tech & Banks Drag Markets
U.S. markets closed lower for a second straight session as technology and bank stocks weighed on sentiment, while geopolitical uncertainty kept investors cautious.
🏦 Banks Under Pressure
Despite reporting rising profits from lending and dealmaking, major banks saw heavy selling:
• Bank of America, Citi, and Wells Fargo all fell sharply
• Profit-taking followed a strong 12-month rally
• Concerns rose after Trump proposed capping credit card interest rates
💻 Tech Stocks Cool Off
Selling spread to tech and growth stocks as investors searched for value outside the sector. New reports of China restricting foreign cybersecurity software added pressure to names like Broadcom and Fortinet.
🛢️ Oil Pulls Back
Oil prices dropped from intraday highs after President Trump softened warnings about Iran, easing fears of immediate supply disruption.
🥇 Safe Havens Shine
Gold and silver hit new record highs as investors hedged against ongoing:
• Geopolitical tensions
• Economic uncertainty
• Questions around Fed independence
📊 Macro Snapshot
• U.S. retail sales beat expectations
• Producer prices ticked higher
• Markets still expect two Fed rate cuts later this year
⚠️ Bottom Line
Risk assets remain volatile as traders juggle earnings, geopolitics, and central bank policy — while capital quietly rotates toward safety.
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