Shares of major banks, insurers and online travel agencies slid on Tuesday as investors fear that tools like Meta Platforms Inc.'s personal AI agent could disrupt businesses that benefit from so-called consumer inertia, the tendency to keep buying something out of habit even when a better alternative exists.

The S&P 500 Financials Index dropped as much as 2.4% to the lowest levels since July, trailing a broader market that was roughly flat. Banks including JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. all declined more than 2.5%.

Insurer Allstate Corp. and brokerage Charles Schwab Corp. fell more than 5%.