Banking stocks were taking a broad beating Friday, as uncertainty about the health of the economy and an apparent lack of positive catalysts give investors continued pause.
J.P. Morgan analyst Vivek Juneja wrote that while the recent weakness in the sector may appear to have made valuations attractive, he recommended investors stay on the sidelines given “uncertainty about the economic outlook” the implications of “higher for longer” interest rates. The bank said earlier that Chief Executive Jamie Dimon and his family plan to sell about $140 million worth of the bank’s stock, “for financial diversification and tax planning purposes.”