Why Even High-Quality Financial Stocks American Express, Blackstone, and Ally Financial Plunged Today

Shares of large-cap financial stocks, even blue chip names such as American Express (NYSE: AXP), Blackstone (NYSE: BX), and Ally Financial (NYSE: ALLY), plunged on Monday, with the above three stocks falling 4.3%, 7.8%, and 5.1%, respectively, as of 2:17 p.m. ET.The across-the-board declines were likely due to angst over President Donald Trump's morning social media post regarding Federal Reserve Chairman Jay Powell, which some investors took as a threat to the Fed's independence. That opens up a potential new risk around reigniting inflation.On top of this, China sent out a new threat to countries potentially making trade deals with the U.S., which could complicate the process for getting deals done. Inking trade deals is likely the biggest element that could relieve pressure on stocks and long-term Treasury bonds. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool