Stocks ended at session lows and with the worst losses of the year as the shine of the Trump rally wore thin. The S&P 500 declined by more than 1% for the first time in more than 100 sessions. The financial sector was one of the worst performers on doubts over whether President Trump can pass regulatory reform. Major banks including Bank of America (BAC) , JPMorgan (JPM) and Wells Fargo (WFC) were the hardest hit. Campbell Soup (CPB) tumbled after it was downgraded from MARKET PERFORM to UNDERPERFORM at Bernstein. The firm said revenue trends are deteriorating and that consumers are showing a preference for fresher food. General Mills (GIS) fell after sales came in slightly weaker than forecast. The consumer foods company reported a 5.2% drop in quarterly revenue.
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