Why Shares of Citigroup, JPMorgan Chase, and Goldman Sachs Are Falling Today

Shares of several major bank stocks took a hit today after new data showed that inflation is still surging and may not have peaked yet. The Dow Jones Industrial Average had lost more than 650 points as of this writing while the Nasdaq Composite was down close to 3%.

Shares of Citigroup (NYSE: C) traded 4.3% lower as of 2:25 p.m. ET today, shares of JPMorgan Chase (NYSE: JPM) were 4.2% lower, and shares of Goldman Sachs (NYSE: GS) were down 4.8%.

The U.S. Bureau of Labor Statistics released data for the month of May for its closely watched consumer price index (CPI), which tracks the prices of daily goods and services and is one gauge of inflation that investors monitor. The CPI in May rose 8.6% on a year-over-year basis, while economists had only expected an 8.3% increase.

Source Fool.com