Streetbeat News

Credit Ratings

LQD

The bond market has seen a surge in yields, with the 10-year yield surpassing 4.30% and the 30-year yield exceeding 4.40%. This surge has been attributed to Fitch's downgrade of the U.S. credit rating from AAA to AA+. Jay Menozzi, CIO for Orange Investment Advisors, suggests that this could make investment-grade corporate bonds an attractive investment. The iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE:LQD) has seen its yield climb to 5.9%.

Portfolio Pulse from Piero Cingari

August 22, 2023 | 7:59 pm

ALLY

BAC

JPM

WFC

S&P has downgraded its rating on multiple US banks, leading to a decrease in the trading value of banks and financial services stocks.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 6:03 pm

BAC

WFC

Shares of Bank of America Corp (BAC) and Wells Fargo & Co (WFC) are trading lower after S&P Global Ratings downgraded several regional banks. The downgrades could signal broader challenges within the banking sector, such as financial instability, economic uncertainty, or credit quality concerns. The Federal Reserve's tight monetary policy is straining the funding, liquidity, and revenue of many U.S. banks.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 5:23 pm

VLY

Shares of Valley National Bancorp (NASDAQ:VLY) fell by 4.53% after S&P Global Ratings downgraded its credit rating. The downgrade could lead to higher borrowing costs for the bank, negatively impacting its profitability and financial performance. The Federal Reserve's tight monetary policy is straining the funding, liquidity, and revenue of many U.S. banks, according to S&P.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 5:21 pm

PACW

PacWest Bancorp's shares are trading lower due to a general weakness in the financial sector following S&P's downgrade of multiple US banks.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 5:07 pm

PACW

PacWest Bancorp's (NASDAQ:PACW) shares are trading lower by 3.43% due to a downgrade of several regional banks by S&P Global Ratings. This downgrade could indicate challenges within the broader regional banking sector, potentially leading to financial instability or economic uncertainty. The Federal Reserve’s tight grip on monetary policy is straining the funding, liquidity, and revenue of many U.S. banks.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 5:06 pm

HBAN

Huntington Bancshares shares are trading lower due to a general weakness in the financial sector following S&P's downgrade of multiple US banks.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:55 pm

RF

Regions Financial shares are trading lower due to a downgrade of multiple US banks by S&P. This has led to a general weakness in the financial sector.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:52 pm

VLY

S&P has downgraded its rating on Valley National Bank, leading to a decrease in the bank's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:34 pm

UMBF

UMB Financial Corporation's shares are trading lower after S&P Global Ratings downgraded its rating on the bank.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:33 pm