Shares of Raymond James Financial Inc. RJF shed 5.09% to $123.65 Friday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 5.97% to 5,074.08 and Dow Jones Industrial Average DJIA falling 5.50% to 38,314.86. This was the stock's second consecutive day of losses.

Raymond James Financial downgraded Truist Financial (TFC) to Market Perform from Outperform as a backdrop of slowing economic growth will make profit improvement more challenging.