WEX, Raymond James, Sallie Mae, Voya Financial, and Charles Schwab Shares Plummet, What You Need To Know

September 22, 2026 - 21:05

Several financial sector stocks moved sharply lower during afternoon trading as selling pressure continued to build following the Federal Reserve's latest interest rate decision. Shares of WEX, Raymond James, Sallie Mae, Voya Financial, and Charles Schwab all posted notable declines as investors reassessed their positions in the wake of the central bank's policy shift.

On September 16, the Federal Reserve announced it would raise the federal funds target range by 25 basis points, bringing it to 3.75 percent to 4.00 percent. This marks the first rate increase since 2023, according to the Federal Open Market Committee's official statement. The decision caught some market participants off guard, prompting a wave of selling across rate-sensitive sectors.

In its statement, the Fed acknowledged that economic activity and domestic spending have remained resilient despite earlier tightening cycles. However, officials emphasized that inflation continues to run above comfortable levels. The committee described the rate increase as a measure intended to guide price growth back toward its long-term target of 2 percent.

The broader market reaction reflected uncertainty about how quickly borrowing costs might climb further and what that could mean for lenders, consumer finance companies, and investment firms. Financial stocks often react strongly to rate policy changes because their business models depend heavily on interest rate spreads and credit conditions.

Analysts noted that the selloff was not limited to a single company or subsector. The declines spanned consumer lending, wealth management, and financial technology, suggesting investors are broadly repositioning rather than reacting to company-specific news. Trading volumes picked up in the afternoon as the downward momentum persisted.

Whether the pullback continues will likely depend on upcoming economic data and any signals from Fed officials about the pace of future adjustments. For now, the market appears to be digesting the implications of a policy shift that few had anticipated at this stage of the cycle.