Shares of several banks and financial services companies, including Wells Fargo & Co (NYSE:WFC), Bank of America Corp (NYSE:BAC) and JPMorgan Chase & Co (NYSE:JPM), are trading lower amid overall market weakness following the Russian invasion of Ukraine, which has driven global macroeconomic uncertainty.
Russia-Ukraine tensions have heated up in recent weeks, with Russia launching military operations in Ukraine late Thursday after earlier recognizing two regions of the country as independent. US President Biden on Tuesday announced sanctions targeting some Russian banks and individuals. The conflict has pressured equities across sectors but lifted oil prices and safe havens such as gold.
- Bank of America is trading lower by 8.7% to $42.89 over the past 5 sessions
- Wells Fargo is trading lower by 9.8% to $51.65 over the past 5 sessions
- JPMorgan Chase is trading lower by 6.9% to $142.40 over the past 5 sessions
