Shares of several banks and financial services companies, including Wells Fargo & Co (NYSE:WFC), are trading higher as stocks rebound following Monday's weakness. US President Biden is expected to announce measures to address the COVID-19 omicron variant, which has driven market volatility in recent weeks.
Wells Fargo shares were trading lower on Monday amid overall market weakness as growing COVID concerns and omicron variant uncertainty weigh on market sentiment. An announcement from Senator Joe Manchin indicating he would not support Biden's Build Back Better plan has also pressured US economic sentiment.
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Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking and wealth and investment management. It is almost entirely focused on the U.S.
Wells Fargo has a 52-week high of $52.56 and a 52-week low of $28.84.
