FX.co ★ US Stocks Extend Losses

U.S. stocks continued to decline on Wednesday as negative signals emerged for banks and a fresh wave of selling hit the major tech sector. The S&P 500 decreased by almost 1%, the Nasdaq 100 saw a drop of 1.5%, and the Dow experienced a smaller dip of 0.4%. Notably, tech behemoths faced significant declines, especially those involved in AI, as concerns over potential losses linked to inflated datacenter investment commitments arose. Among the hardest hit were Oracle, Broadcom, and Intuit, which saw shares fall between 4% and 6%. Meanwhile, Bank of America’s shares fell 4.5% amid expense-related concerns, Citigroup dropped 3% despite reporting growth in advisory fees, and Wells Fargo plunged 5% after failing to meet expectations. In addition to a challenging credit outlook, lenders and card issuers are facing pressure due to an order from President Trump capping credit card fees at 10% for an entire year, set to be implemented next week. Concurrently, the U.S. Supreme Court has postponed its decision on disputes regarding a significant portion of the tariffs enacted by the President last year.