The markets fell apart Friday as the UK stunned the world by voting to leave the European Union. Circuit breakers were hit world wide as the news came out. Overnight the US futures markets were halted due to dropping over 5% and, when they re-opened continued to slide more. The selling pressure was massive causing almost every stock to close in the red.
The Dow 30 closed down a whopping 519 (-2.89%), the S&P 500 lost 75 (-3.60%) and the Nasdaq 100 lost 202 (-4.12%). Banking stocks were slammed today so this update will cover the performance of some of the global banks.
Citigroup (NYSE: C) showed positive signs from the Federal Reserves most recent stress test, but the Brexit news took over the headlines and sent the banking stocks lower by over 5%. At one point today Citigroup was down over 9.3% on volume that was 5x above average.
It wasn't just the US based banking stocks that were hit, the selloff in financials caused chaos accross the globe as well. Deutsche Bank (NYSE: DB) shares were also in the red on Friday, falling over 17% by the end of the session. European financials were in negative territory with uncertainty on what Britain's departure from the EU will ultimately look like.
The worst of the group was naturally the stock with a base in London. Lloyd's Banking Group (NYSE: LYG) This poor company took a 23.50% hit today, falling to new 2016 lows. Britain's financial stocks were hit especially hard with the country's decision to leave the European Union. Many of the largest UK banks saw shares fall by a third of their value on Friday.