Goldman Sachs‘ stock price is down more than 2%, leading the financials lower. The bank is responsible for about 35 points of losses in Monday’s Dow 110-point drop.
Following Friday’s Republican healthcare disaster, investors have been questioning the chances of financial regulation and tax reform being passed, the two pieces of legislation that would most effect the financial sector.
The thinking is: if Republicans can’t pass healthcare reform while they have the majority in the both houses, maybe they can’t pass anything else. Or at the very least, getting something done will take longer than initially thought.
Financials have been the best performing sector since Trump’s election on November 8, gaining more than 16%.
As of 10:56 AM EST:
- The XLF Select SPDR Financials ETF is down 1.23%
- Bank America is lower by 1.79%
- Citigroup is weaker by 0.33%
- JPMorgan Chase is off 0.61%