Big banks said they agree with President Donald Trump that financial regulations need an overhaul, even as their stock prices dropped Tuesday after the president confirmed plans to issue an executive order to punish those that he said discriminate against conservatives.

President Donald Trump accused two of the nation’s largest banks of rejecting his business, as his administration was preparing an executive order threatening financial institutions who refused to work with certain customers on ideological grounds.

US stocks retreated on Tuesday as investors digested the latest wave of corporate earnings, economic data, and various tariff updates. Palantir (PLTR) stock jumped roughly 7% after the company's earnings report beat expectations and revealed its revenue had topped $1 billion in a quarter for the first time.

The blue-chip Swiss market index opened 1.8% lower on Monday, the first day of trading after President Donald Trump stunned Switzerland with a 39% tariff rate on its exports to the United States. Francis Maguire reports.

Most European indexes were rising Monday as investors bet that a weak U.S. jobs report would drive interest rates lower, but Swiss stocks were missing out on the rebound. Europe's flagship Stoxx 600 index gained 0.