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Wells Fargo & Co (NYSE:WFC) shares fell 4.8% to $73.30 on Tuesday as investor anxiety over U.S. tariffs on Mexico and Canada rattled financial markets.
What To Know: With President Donald Trump ruling out further trade negotiations, concerns over economic growth and interest rate stability weighed heavily on banking stocks, including Wells Fargo.
As a bank with a strong focus on traditional lending, Wells Fargo is particularly vulnerable to falling interest rates. The 10-year Treasury yield dropped to 4.16%, threatening the bank’s net interest income, which accounts for nearly half of its total revenue.
Lower yields …
