The financial sector joined the broad market and fell as markets brace for inflation and jobs data due in the next few days.

The board of Goldman Sachs has discussed a plan for David Solomon to step down as chief executive and be replaced with Chief Operating Officer John Waldron as soon as next year, The Wall Street Journal reports citing people familiar with the matter. Discussions have involved Waldron, who is also the bank's president, taking over the top job around the end of 2027 or in 2028, the people said. Under the plan, Solomon is likely to be executive chairman of the Goldman board for around one to two years after he steps down from the CEO role, some of the people said. The plan requires approval by Goldman's board, which could occur in the coming months, some of the people familiar with the matter said, though the timing is fluid and subject to change. Goldman spokesman Tony Fratto said the board regularly discusses succession and there is no definitive timeline.

Investment bank Piper Sandler has been in talks to combine with advisory firm Perella Weinberg Partners, according to people familiar with the matter, in a deal that would join two Wall Street firms known for their dealmaking. Piper Sandler, which has a market value of around $5 billion, could finalize a deal for Perella Weinberg, which has a market value of around $1.4 billion, soon, the people said. Nothing is finalized and the discussions could still fall apart, the people cautioned. Piper Sandler was formed through the 2020 merger of Piper Jaffray and Sandler O'Neill & Partners. Perella Weinberg was founded in 2006 by Wall Street veterans Joseph Perella, Peter Weinberg and Terry Meguid.