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Expand chart
Data: FactSet; Chart: Chris Canipe/Axios

The financials were Fed day's biggest losers, as bank stocks saw big losses on big trading volumes.

What's happening: Bank of America was the 2nd most actively traded stock in the S&P 500, with 81 million shares changing hands, per FactSet — well above the 3-month average volume of 67 million shares. The stock fell 3.4%.

Meanwhile, Goldman Sachs was the biggest decliner in the Dow on Wednesday. Shares fell 3.38% after the Fed said it would hold rates steady and signaled the end of rate hikes for the rest of the year.

  • More than 5.2 million Goldman shares were traded, the highest trading volume since Jan. 31. That was the day after the Fed first introduced the word "patient" in its FOMC statement.

JPMorgan and Citi also saw slightly higher trading activity than in previous days this week, with 14 million and 17 million shares exchanged, respectively.

  • Only 2 stocks in the S&P 500's financial sector closed in the green: Ameriprise Financial and MSCI.

The big picture: A low-interest rate environment is seen as negative for bank stocks.

  • "Lower interest rates ... [do] hurt banks in terms of their net interest margins and their profitability on new loans ... [and] that's probably the concern more on a bank’s earnings fundamentals in terms of potential slowing in earnings growth," Paul Eitelman, a strategist at asset management firm Russell Investments, told Bloomberg.

Go deeper: Dissecting Goldman Sachs' $100 million pullout from social impact ETF

Go deeper

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

Updated 6 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 8 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.