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DOGEUSD

Dogecoin (CRYPTO: DOGE) is trading lower by 5% due to overall market weakness following weak economic data from China and potential downgrades in the banking sector. Despite the listing of Europe's first Bitcoin ETF by Jacobi Asset Management, the negative sentiment in financial markets has led to a pullback in various asset classes, including Dogecoin.

Portfolio Pulse from Henry Khederian

August 16, 2023 | 10:31 pm

FDX

YELL

The market is focusing on macro issues as 2Q company earnings come to an end. The Consumer Price Index (CPI) rose from 3.0% to 3.2%, slightly better than expectations. The Producer Price Index (PPI) was up .8% for the last 12 months, but the monthly change was .3%, the highest since last January. Moody's downgraded 10 US banks, focusing on small and medium-sized firms. China's exports were down 14.5% in July, indicating a potential consumer slowdown. FedEx (NYSE:FDX) is proceeding with layoffs and Yellow Corp (NASDAQ:YELL) declared bankruptcy last week.

Portfolio Pulse from Gary Brode

August 16, 2023 | 5:48 pm

SHIBUSD

Shiba Inu (CRYPTO: SHIB) fell by 7% amid overall market weakness following weak economic data from China and potential downgrades in the banking sector. The negative sentiment in financial markets can lead to a pullback in various asset classes, including cryptocurrencies like SHIB. Cryptocurrencies often react to macroeconomic events, which can influence investor behavior and market dynamics.

Portfolio Pulse from Henry Khederian

August 16, 2023 | 2:33 am

TGT

TSLA

VFS

Shares of Target, Nu Holdings, Hawaiian Electric, VinFast, and Tesla drew investor attention amid a challenging day for the stock market. Target is preparing to report its Q2 earnings, while Nu Holdings highlighted a 5x revenue growth in its Q2 2023 financial results. Hawaiian Electric faced scrutiny over fire risks and potential impacts on its credit quality. VinFast surged after completing its SPAC merger, and Tesla introduced two new 'standard range' versions of its Model S and X vehicles.

Portfolio Pulse from Benzinga Neuro

August 16, 2023 | 2:05 am

BAC

BLK

JPM

KBWB

XLF

Fitch Ratings has raised concerns about potential rating reductions for numerous U.S. banks, including JPMorgan Chase & Co. and Bank of America Corp. A further dip in the industry's rating from AA- to A+ could prompt Fitch to reassess the ratings of over 70 U.S. banks. This news has caused a drop in the stocks of these banks, as well as Blackrock Inc., and ETFs such as Invesco KBW Bank ETF and the Financial Select Sector SPDR Fund.

Portfolio Pulse from Piero Cingari

August 15, 2023 | 9:22 pm

WAL

Shares of Western Alliance Bancorporation (NYSE:WAL) fell by 4.8% after a Fitch analyst suggested that additional lenders could face downgrades. This has prompted a reevaluation of the overall health of the banking sector, leading to selling of regional banking stocks like Western Alliance. The possibility of systemic issues in the banking sector could lead to further divestment from Western Alliance and other banks perceived to be at risk.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:48 pm

JPM

Shares of JPMorgan Chase & Co (NYSE:JPM) are trading lower by 2.4% after a Fitch analyst suggested the possibility of downgrades for multiple lenders. This could lead to higher borrowing costs for banks, constraining profitability and lending activities, and potentially reducing earnings potential.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:45 pm

BAC

WFC

Shares of Bank of America Corp (BAC) and Wells Fargo & Co (WFC) are trading lower after a Fitch analyst suggested potential downgrades for lenders, raising concerns about the financial health of the banking sector. The possibility of downgrades indicates increased credit risk for financial institutions, which could impact lenders' borrowing costs, profitability, and overall business operations.

Portfolio Pulse from Henry Khederian

August 15, 2023 | 6:45 pm

DIA

IWM

QQQ

SPY

Major indexes are down due to weak economic data from China causing global macro pressures. The financial sector also fell after Fitch's announcement of potential additional bank downgrades.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:57 pm

ARES

BMO

CFG

FITB

HBAN

HSBC

MTB

Banking and financial services stocks are trading lower due to pressure from a Fitch analyst's statement that Fitch could downgrade additional lenders.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 4:45 pm