Wednesday, October 4

Live updates on the stock market today.

The broad index experienced a monthly decline of almost 2% as the S&P 500 closed at 4,499.38, with 0.42% drop. Meanwhile, the Nasdaq Composite decreased by 0.79% to 13,884.32 and increased its loss in August to 3.2%.

A loss of 158.64 points, or 0.45%, led to the Dow Jones Industrial Average closing at 351,394.9. The index experienced a drop of approximately 465 points at session lows.

The credit rating agency Moody’s downgrade in the banking sector reignited an August selloff, resulting in stocks falling on Tuesday.

The S&P 500 and the Nasdaq experienced their fifth negative day out of six sessions on Tuesday, with both indexes falling by more than 1% at session lows. Although all three indexations ended at their lowest points in the session, none reached positive territory.

Moody’s downgraded the credit rating of several regional banks, including M&T Bank and Pinnacle Financial, resulting in bank losses. The agency also placed Bank of N.Y. Mellon and State Street on review for a downgrading measure due to deposit risk, recession, and struggling commercial real estate portfolios.

The SPDR S&P Bank ETF (KBE) experienced a 1.3% decline, while Goldman Sachs and JPMorgan Chase fell by approximately 2.1% and 0.6%, respectively.

The SPDR S&P Regional Banking ETF (KRE) experienced a 1.3% decline, while the regional bank EFT lost 28% in March due to the failure of Silicon Valley Bank. Meanwhile, M&T Bank finished almost 1.5% lower.

According to Jay Hatfield, CEO of Infrastructure Capital Advisors, regional banks require a certain level of faith in their credit system. He also noted that any reduction in trust in the regional banking system would have repercussions on market sentiment.

Traders also made light of the latest earnings. UPS’s shares fell by 0.9% after reporting weak revenue in the second quarter. The company also cut its full-year revenue projection.

The corporate earnings season has been better than expected, and as per FactSet, 89% of S&P 500 stocks have reported quarterly results that surpass Wall Street’s expectations. However, many of those results were already priced into the market, given the recent pullback.

Gracias por sus ilustres de espaol.

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