Losses for banks and Big Tech stocks caused the S&P 500 to fall 0.5%, its second straight decline. Wells Fargo’s weaker profits and revenue dragged the market down, while Bank of America and Citigroup also reported lower-than-expected performance. Biogen sank 5% due to expected profit hits, and tech stocks faced criticism for high prices.

Despite some stocks falling, more rose on Wall Street, with Exxon Mobil and Chevron leading the way. Oil prices surged after protests in Iran, affecting OPEC’s crude prices. Treasury yields dropped as investors sought safer investments, and U.S. retail spending exceeded expectations.

Reports on U.S. wholesale prices and retail spending showed a mixed economic outlook, with Wall Street expecting the Federal Reserve to cut interest rates twice this year. The 10-year Treasury yield fell slightly, while international markets saw Japan’s Nikkei 225 rise to a new record. China’s trade surplus surged despite Trump’s tariffs.

Read more at Yahoo Finance: Wall Street slumps as bank and tech stocks fall