![]() ![]() ![]() The credit rating agency also changed its outlook to “negative” from “stable” for PNC Financial Services, Capital One Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons First National, Ally Financial and Bank OZK. The agency’s actions reflect “ongoing strain in the US banking sector, including increased funding pressures and potential regulatory capital weaknesses,” Moody’s said. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. The banks whose ratings the credit agency is reviewing include BNY Mellon, Northern Trust, State Street, Cullen/Frost Bankers, Truist Financial and US Bank. The SPDR Regional Banking exchange-traded fund, which tracks a number of small and mid-sized bank stocks, lost 1.3%. The S&P 500 slipped 0.4% and the Nasdaq Composite lost 0.8%. The Dow Jones Industrial Average index fell 159 points, or 0.5%. What happened: Bank stocks and the broader market tumbled after Moody’s announcement. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. ![]()
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