Why JPMorgan, Wells Fargo, and Chubb Stocks Dropped on Monday

Troubling news out of Japan tanked stock markets this morning, and financial companies are suffering. Through 1:11 p.m. ET, shares of JPMorgan Chase (NYSE: JPM) are down 2%, Wells Fargo (NYSE: WFC) dropped 2.4%, and insurance giant Chubb Limited (NYSE: CB) fell 3.1%.But hold on a second. The broader S&P 500 is down 2.6% today, less than Chubb but more than the banks. Could this be good news for America's big banks?Let's start with the basics. The yen carry trade sparked today's sell-off. Currency traders -- including those who work for big banks -- have been borrowing cheap money in yen, then using these loans to buy U.S.-denominated debt (to capture higher interest rates) and U.S. tech stocks (which have benefited from the artificial intelligence (AI) revolution).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool