Shares of Bank of America Corp (NYSE:BAC) are falling Friday afternoon, caught in a broad market sell-off driven by a one-two punch of alarming U.S. economic data and an escalation in geopolitical tensions.
What To Know: The primary catalyst was a weak July jobs report. The U.S. economy added a mere 73,000 jobs, far below the 190,000 expected, while prior months’ figures were revised down by a combined 258,000. For a bellwether bank like Bank of America, such a clear sign of a cracking labor market signals a looming recession.
