Major averages, led by financial stocks, experienced a sudden drop on Monday after President Donald Trump said during an interview with Bloomberg News that he'd consider breaking up the nation's big banks.
"Stop — please don't make changes to your portfolio based on things that get blurted out," said Brown, CEO of Ritholtz Wealth Management. "Do not trade this news."
The overall market and bank shares would go on to recover those losses about 25 minutes later, seemingly
"You don't know what's really behind [this statement]," Short Hills Capital Partners founder Stephen Weiss added. "What I will tell you is this: it will take years to break up the big banks, so there's really nothing to worry about now."
Trump's controversial comments come on the same day that he met with leaders of the Independent Community Bankers of America, an advocacy group for small- and mid-market financial institutions.