Here's Why Bank of America, SoFi, and Goldman Sachs Are All Plunging

Not surprisingly, the stock market was having a rather weak day on Tuesday, after President Trump's tariffs went into effect on Canada, Mexico, and China. As of 12:15 p.m. ET, all major indexes were lower, and the S&P 500 (SNPINDEX: ^GSPC) was down by about 1.3% for the day.Some sectors and industries were hit harder than others. While certain areas of the market are clearly tariff-sensitive, such as automakers, there are others that could be indirectly impacted. The financial sector is one big example of this, and many bank stocks were dramatically underperforming the market.To name a few examples, megabank Bank of America (NYSE: BAC) was down by 6% for the day. Investment banking leader Goldman Sachs (NYSE: GS) had fallen by 5%. And app-based banking platform SoFi (NASDAQ: SOFI) was lower by more than 6.5%.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool