US financial stocks came under pressure on Tuesday as investors assessed the potential impact of artificial intelligence on traditional financial businesses, uncertainty surrounding AI-related initial public offerings and signals from the bond market that could point to softer economic conditions.
The S&P 500 Financial index ended 2% lower, with money managers among the biggest decliners. Charles Schwab fell 6.1%, while Ameriprise Financial dropped 4.4% and Raymond James lost more than 3%. The S&P 500 bank index also declined 3%.
