US big banks extend slide after Fed rate hike, Warsh presser

Wells Fargo & Company

16/09/2026 20:45

Updates
** Shares of big U.S. banks extend slide after Federal Reserve raises interest rates and flags further increases in the coming months
**JPMorgan Chase JPM.N down 1.5%, Wells Fargo WFC.N slips 3.5%, Bank of America BAC.N falls 3.5%, Citigroup <C.N> down 3.2%, Morgan Stanley MS.N slips 2.2%, and Goldman Sachs GS.N slips 4% 
** S&P 500 Banks index .SPXBK slides 2.9%, while S&P 500 Financials sector .SPSY down 2.1%
** U.S. stocks also extended their losses after new U.S. central bank chief Kevin Warsh's press conference
** Higher interest rates can weigh on banks by curbing loan demand and increasing the risk of credit losses if economic growth slows
** "I wouldn’t bank on another hike this year. Yes, the median dot shows another hike this year, but a lot can change between now and then," says Brian Jacobsen, chief economic strategist of Annex Wealth Management

 (Reporting by Pragyan Kalita and Arasu Kannagi Basil in Bengaluru)
 ((Pragyan.Kalita@thomsonreuters.com;))