The Big OneBanking & Lending
Meta's Muse agent knocks bank, insurer and broker stocks
Investors sold companies that profit when customers never switch after Meta's Muse, an agent that can compare services and buy on a user's behalf, hit the top of Apple's US App Store. The S&P 500 Financials Index fell as much as 2.4% on Tuesday to its lowest since July, JPMorgan, Wells Fargo and Morgan Stanley each dropped more than 2.5%, and Allstate and Charles Schwab slid more than 5%.
NoteGoldman frames this as a bet against consumer inertia: fees and add-ons that survive because switching is a hassle. An agent that compares and switches for you turns that inertia into churn, and a lot of retail banking and insurance margin sits right there.