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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?
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