Stock Market Update
16-Oct-25 15:05 ET
Major averages near session lows, financials sector lags
Dow -319.32
at 45933.78,
Nasdaq -151.60
at 22518.50,
S&P -50.52
at 6620.53
[BRIEFING.COM] The S&P 500 (-0.8%), Nasdaq Composite (-0.7%), and DJIA (-0.6%) sit near their session lows as the market enters the final hour of the session.
Losses in the financial sector (-2.6%) continue to widen, with banking names now under pressure after Zions Bancorp (ZION 47.51, -6.52, -12.07%) announced last night it will charge off $50 million in bad loans.
Jefferies (JEF 49.49, -5.11, -9.36%) also continues to tumble, with CNBC reporting that hedge funds run by the company are owed $715 million from companies connected to the recently bankrupt First Brands.
The negative sentiment in the sector has rippled across other major banking names, even those that recently reported strong Q3 earnings this week, including Bank of America (BAC 50.74, -1.54, -2.96%), JPMorgan Chase (JPM 299.18, -6.51, -2.13%), and Goldman Sachs (GS 759.84, -8.09, -1.05%).
