Streetbeat News

Credit Ratings

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

Hawaiian Electric Industries' shares are trading lower following a downgrade by S&P to junk status due to wildfires in Hawaii. The company is under scrutiny for not shutting off power to mitigate fire risks.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 3:39 pm

AAPL

AMZN

BRK-B

GOOG

JPM

META

MSFT

NVDA

QQQ

SPY

TSLA

USB

The U.S. economy, which is 70% consumer-based, continues to see strong retail sales, with July retail sales coming in at 0.7% vs. 0.4% consensus. However, this has led to concerns that the Federal Reserve may maintain high interest rates for longer. Fitch has warned that it may downgrade the credit ratings of several U.S. banks, including JPMorgan Chase & Co. and U.S. Bancorp. Home Depot Inc. has guided FY23 revenue down 2-5% and earnings down 7-13%. Berkshire Hathaway Inc. is buying three home builder stocks: Lennar Corp, DR Horton Inc, and NVR Inc. Saudi Arabia and U.A.E. are buying billions of dollars worth of NVIDIA Corp chips. Money flows are negative in Amazon.com, Inc., Microsoft Corp, Alphabet Inc Class C, Meta Platforms Inc, Tesla Inc, Apple Inc, SPDR S&P 500 ETF Trust, and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

August 15, 2023 | 3:19 pm

BAC

CMA

COF

JPM

KEY

USB

WFC

ZION

Banking and financial services stocks are trading lower following a statement from a Fitch analyst that additional lenders could be downgraded.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 2:04 pm

S&P has downgraded Hawaiian Electric Industries' credit rating to junk status, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 2:04 pm