News / QQQTrades.Club
Stock Futures Retreat as Bank Shares Drop
Stock Futures Retreat as Bank Shares Drop
August 8, 2023
Moodys downgraded Mid Size Banks
Stock Futures Retreat as Bank Shares Drop
Stock futures retreated on Tuesday as a decline in bank shares dampened investor sentiment. Futures tied to the Dow Jones Industrial Average ticked lower by 221 points, or 0.6%. S&P 500 futures and Nasdaq 100 futures were down 0.7% each.
Bank shares fell broadly after Moody's downgraded the credit rating on several banks, including M&T Bank and Pinnacle Financial. The credit agency also placed Bank of N.Y. Mellon and State Street on review for a downgrade.
Goldman Sachs and JPMorgan Chase traded about 1% lower in the premarket. The SPDR S&P Regional Banking ETF (KRE), which tracks a group of smaller banks, dipped more than 2%.
Earnings season continued. UPS shares dropped 5% after the delivery giant reported weaker-than-expected revenue for the second quarter. The company also lowered its full-year revenue outlook. Educational tech company Chegg popped more than 23% after reporting second-quarter revenue of $183 million, beating analysts' estimate of $177 million, per Refinitiv.
The corporate earnings season has so far been better-than-expected. Roughly 86% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet.
However, investors are still concerned about the impact of rising inflation and interest rates on corporate earnings. The inflation metric could put Wall Street's belief in a soft landing to the test. Economists polled by Dow Jones are calling for a monthly increase of 0.2% in July and a year-over-year rise of 3.3%.
Overall, the stock market is still facing headwinds from rising inflation and interest rates.
S&P 500 Volatility Index Up Pre-Market Open
VIX is up 8.12% this morning pushing SP500 futures down.
Price target 🎯 on the SP today near $4445. Is this the pull back thats been heavily talked about?
Share this article:
More in QQQTrades.Club:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
![Kerry Grinkmeyer in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
Stock Futures Retreat as Bank Shares Drop
August 18, 2024