Streetbeat News

Credit Ratings

BAC

SPY

Bank of America's CEO has stated that commercial credit quality remains strong, despite a slowdown in consumer spending growth compared to the previous year. He also predicted that U.S. interest rates are likely to remain high for an extended period.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 4:12 pm

C

Citigroup is reportedly preparing a $5 billion bond offering, marking its first such deal in four years, according to sources cited by Market Watch.

Portfolio Pulse from Charles Gross

September 27, 2023 | 11:52 am

JPM

Economist Peter Schiff predicts a surge in 30-year fixed-rate mortgage rates to 9% by year-end, which could lead to a ballooning of the Federal Reserve's balance sheet due to insolvent banks offloading their mortgage-backed securities onto the Fed. This comes amidst concerns over rising interest rates and yields. JPMorgan Chase & Co.'s CEO, Jamie Dimon, has warned that a rise in Federal Reserve benchmark interest rates to 7% could lead to unprecedented financial stress.

Portfolio Pulse from Benzinga Neuro

September 27, 2023 | 1:12 am

ITA

LDOS

LMT

Lockheed Martin Corp. (LMT) shares have seen a decline of approximately 9% month-to-date due to the looming risk of a U.S. government shutdown. Moody’s Investors Service warned that a shutdown could negatively impact defense service contractors, potentially affecting liquidity. However, it also noted that major prime contractors like Lockheed Martin and Leidos Holdings, Inc. (LDOS) have strong capabilities to manage payment delays effectively. The iShares U.S. Aerospace & Defense ETF (ITA) also registered a 9% decline.

Portfolio Pulse from Piero Cingari

September 26, 2023 | 9:01 pm

TLT

The U.S. government is facing a potential shutdown as the Oct. 1 deadline approaches, with Senate negotiators working on a short-term spending agreement. House Speaker Kevin McCarthy is under pressure to navigate opposition and consider a Senate spending deal. Moody's Ratings has expressed concerns about the U.S.'s institutional and governance strength, stating a shutdown would be credit negative. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) dipped another 0.5% on Tuesday, extending its year-to-date losses to 13%.

Portfolio Pulse from Piero Cingari

September 26, 2023 | 7:23 pm

TLT

Moody's has warned that a potential US government shutdown could have credit implications and expose the fragility of US institutional and governance structures. This comes amid a surge in Treasury bond yields following the Federal Reserve's commitment to keep interest rates higher for longer. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) experienced a sharp selloff, with a more than 2% decline on Monday.

Portfolio Pulse from Piero Cingari

September 25, 2023 | 7:50 pm

SPY

Moody's has warned that a U.S. government shutdown would be credit negative for the U.S. sovereign, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 5:16 pm

SOFI

The Biden administration has forgiven $37 million in student debt for borrowers defrauded by the University of Phoenix. This comes after a multi-year investigation by the Federal Trade Commission (FTC) that led to a $191 million settlement in 2019. The current situation escalates uncertainty for roughly 40 million Americans holding federal student loans. The uncertainty affects long-term financial planning, forcing borrowers to rely on existing programs that can potentially reduce their monthly repayments. This has led to an uptick in Google trend data for 'student loan refinance', a boon for student loan refinancing providers like SoFi Technologies Inc (NASDAQ:SOFI).

Portfolio Pulse from AJ Fabino

September 22, 2023 | 4:37 pm

SPY

S&P has stated that the probability of a recession in the U.S. starting within the next 12 months has moderated since the beginning of the year but remains elevated at 30%-35%.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:25 pm

SPY

S&P Global Ratings has stated that the risk of a U.S. recession remains high due to uncertain growth prospects. The agency did not provide specific details on how this might impact the stock market.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:24 pm