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☆ Top Morningstar strategist tells investors to sell these 6 'overvalued' stocks — and names 5 to buy
▼ + stars: | 2023-08-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Despite last week's selloff, the strong rally this year means U.S. markets are now trading at only a small discount compared with the start of the year, says top Morningstar strategist Dave Sekera. He named six such stocks: Nvidia , Tesla , Oracle , Netflix , Apple , and Eli Lilly . Stocks to buy Still, Sekera said, there are opportunities in some stocks that investors can get into. He names five that he likes and that are still trading at a discount to their fair value. American Tower : This REIT, which owns cell phone towers, is trading at a 18% discount, Morningstar said.

Persons: selloff, Dave Sekera, CNBC's, Sekera, Eli Lilly, Morningstar, Stocks Organizations: Nasdaq, Nvidia, Tesla, Oracle, Netflix, Apple, Tech, Microsoft, Cognizant, Morningstar, Morningstar . U.S . Bancorp, U.S, Bank, Jacobs Solutions, RTX Corp, Pratt & Whitney Locations: U.S, Morningstar .

☆ No sign of panic in stocks makes this a garden variety correction, not a bear market
▼ + stars: | 2023-08-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Hiccup in soft landing story Why are we hitting this string of down days? There's a hiccup in the soft landing story. That's causing a speed bump for stocks, particularly tech stocks, which are underperforming this month and this quarter. And despite poor economic news out of China, the macroeconomic environment in the U.S. remains strong and still supportive of a soft landing. At 19.2 times forward earnings, the S & P 500 is still richly valued.

Persons: Phil Camporeale Organizations: Silicon Valley Bank, Reserve, Nasdaq, Treasury, Federal Reserve Bank of, Morgan Asset Management, CNBC Locations: Silicon, China, U.S, Federal Reserve Bank of Kansas, Jackson Hole , Wyoming

☆ Morning Bid: Stock markets tense as China gloom builds
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the Frankfurt stock exchange after risks have climbed to multi-month highs in recent days as concerns over contagion from the collapse of Silicon Valley Bank and instability at European bank Credit Suisse gripped the markets, in Frankfurt, Germany, March 17, 2023. Markets currently seem all but certain of another hike from the BOE, with a more than 90% chance seen for a 25 basis point increase in September. Expectations lean towards rates having to go even higher in the future, in contrast to the BOE's peers in the EU and the United States. The euro zone also gets an economic data drop on Wednesday, with preliminary Q2 GDP figures estimated to show meager growth of 0.2% and industrial production data likely to be negative. Meanwhile, the Federal Reserve minutes are sure to garner attention as markets seek more insight into the Fed's thought process.

Persons: Brigid Riley China's, BOE, Brigid Riley, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Nikkei, CPI, Bank of England's, EU, European Central Bank, Federal, PPI, Cisco Systems, Thomson Locations: Frankfurt, Silicon, Germany, Asia, Europe, United States, West, New Zealand, China

"It's just a very high level of uncertainty," said Amit, who is registering his artificial intelligence-based cloud security firm Gomboc in Delaware. Michael Fertik, founder of Heroic Ventures, a Silicon Valley-based early-stage venture investor, has invested in more than a dozen Israeli startups since 2015. He insists on Delaware incorporation and existing Israeli startups seeking a new funding round from him must switch. But the Israeli government's judicial overhaul is casting a shadow for some. Adam Fisher, a partner at Bessemer Venture Partners and long-time investor in Israeli startups, has been happy to invest in Israeli-based tech firms over the past decade.

Persons: Amir Cohen, Benjamin, Ian Amit, Amit, Ami Applebaum, Yair Geva, Herzog, Fox, Neeman, Ronen Feldman, Michael Fertik, Adam Fisher, Fisher, Ayal Shenhav, Steven Scheer, Emily Rose, Mark Potter Organizations: U.S Embassy, REUTERS, Entrepreneurs, Reuters, Israel Innovation Authority, Ministry of Innovation, Science, Technology, Startup Nation, Heroic Ventures, Delaware C Corp, Bessemer Venture Partners, Gross, Co, TechAviv, Partners, Thomson Locations: Tel Aviv, Israel, JERUSALEM, United States, Delaware

"We now forecast a mild recession in the U.S. economy this year ... In May and June, the Fed staff projections "continued to assume" the U.S. economy would be in recession by the end of the year. Fed policymakers' projections, which are issued on a quarterly basis, never showed GDP contracting on an annual basis. 'CHUGGING ALONG'What made the difference between an in-the-moment recession that many thought was underway last year to growth that has surprised to the upside? An Atlanta Fed GDP "nowcast" puts output growth for the current July-September period at 5.0%, showing continued strong momentum.

Persons: Biden, Michael Gapen, Gapen, Jerome Powell, Powell, Sharif, We've, Sal Guatieri, Howard Schneider, Paul Simao Organizations: Federal, Bank of America, Fed, Reuters, Valley Bank, Atlanta Fed, BMO Capital Markets, Thomson Locations: U.S, California

☆ Elite investor David Einhorn warns stocks may falter - and cautions the Fed's inflation fight may not be over
▼ + stars: | 2023-08-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

David Einhorn expects stubborn inflation and the Fed to only cut interest rates next year. If inflation sees a resurgence and rates go higher, that could threaten the current bull market, he says. They may be celebrating too soon, hedge fund boss David Einhorn warned in his quarterly letter to investors this week. He viewed the move as bullish for stocks and likely to fuel inflation at the time. "If we were 'bearish' until March and 'neutral' through June, we would now characterizeourselves as 'worried,'" the veteran investor said.

Persons: David Einhorn, he's, ValueWalk, Einhorn, Greenlight Organizations: Fed, Service, Federal Reserve, Silicon Valley Bank, Signature Bank, Treasury Locations: Wall, Silicon

☆ Morning Bid: China data disappoints as markets yearn for stimulus
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +3 min

Data on Tuesday showed China's industrial output and retail sales growth slowed in July, adding to concerns about a faltering post-pandemic recovery in the world's second-biggest economy. China's major state-owned banks stepped into the spot market to steady the currency, according to sources. Chinese policymakers last month released a batch of stimulus measures, including boosting auto and home appliances consumption, relaxing some property restrictions, and pledging support to the private sector. Over in Australia, wage growth held steady in the June quarter while the pace of annual pay awards unexpectedly slowed. That, along with the release of dovish minutes from the central bank's July policy meeting, bolstered bets that the RBA would keep rates steady.

Persons: Ankur Banerjee, Warren Buffett's Berkshire Hathaway, DR, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Ankur, Thomson Locations: Frankfurt, Silicon, Germany, Asia, China, Pacific, Japan, Australia, U.S, Berkshire, Sweden, Singapore

☆ Regional banks slide after Fed's Kashkari advocates 'significantly further' capital regulation
▼ + stars: | 2023-08-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, speaks during an interview with Reuters in New York City, New York, May 22, 2023. Minneapolis Federal Reserve President Neel Kashkari favors getting tougher on regional banks, following a crisis earlier this year that he said may not be over. Regional bank shares fell as Kashkari spoke. Those banks holding longer-dated Treasurys faced capital losses as rates went up and bond prices fell. Should the Fed have to keep raising rates, that could affect banks in the same situation.

Persons: Neel Kashkari, Kashkari, Treasurys Organizations: Federal Reserve Bank of Minneapolis, Reuters, Minneapolis Federal, Regional Banking, Troubled Asset Relief, Bank Locations: New York City , New York, Minneapolis

But that bullish prediction is doing little to restore investors’ optimism, as concerns mount about consumer confidence and the health of global economy. Now, concerns are growing about China’s domestic property market after Country Garden, one of the country’s biggest developers, missed debt payments. Those ructions have sent the prices of global commodities, including Brent crude, tumbling on Monday. The group’s woes have sparked contagion fears for China’s shadow banking sector, and hit U.S. business. Despite better-than-expected corporate earnings and signs that inflation is cooling, investors have dumped stocks and bonds this month.

Persons: Goldman Sachs, Brent, Bonds Organizations: Deutsche Bank, Silicon Valley Bank, Treasury Locations: U.S, Stocks, Asia, Hong Kong, Silicon Valley

☆ FDIC to propose comprehensive changes to regional US bank living wills
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Evelyn HocksteinAug 14 (Reuters) - A coming regulatory proposal will overhaul how large regional banks prepare living wills in the event of their failure, U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg said on Monday. Banks are currently required to submit plans to regulators detailing how they would wind up their businesses should they fail. "The proposed rule would require a bank to provide a strategy that is not dependent on an over-the-weekend sale," Gruenberg said. The proposal would also require banks to identify parts that could be sold separately, Gruenberg said, noting that could reduce their size and "expand the universe of possible acquirers." The proposal would require additional information from banks with more than $50 billion in assets, but not full resolution plans, he said.

Persons: Martin J, Gruenberg, Evelyn Hockstein, Martin Gruenberg, Banks, Douglas Gillison, Richard Chang Organizations: Deposit Insurance, Banking, Housing, Urban Affairs, REUTERS, U.S . Federal Deposit Insurance, . U.S, Brookings Institution, Regulators, Valley Bank, Signature Bank, Thomson Locations: Washington , U.S, U.S ., ., Washington

☆ Insight: Insurers poised for US break on investment losses from high rates
▼ + stars: | 2023-08-14 | by ( Koh Gui Qing | ) www.reuters.com time to read: +7 min

A negative IMR forces insurers to tap pots of money they would have otherwise spent on their business or returned to shareholders. Among those insurers are Prudential Financial (PRU.N), OneAmerica Financial Partners, Principal Financial (PFG.O) and Massachusetts Mutual Life Insurance Company, according to Fitch. That compares to $1.8 billion in net fixed income-related losses Prudential recorded in 2022. They do not give banks the option of deferring interest rate-related losses, fearing excesses that led to the 2008 financial crisis. DEFERRING LOSSESFollowing the rule change, insurers will be allowed to amortize interest rate-related losses over time equivalent to 10% of their statutory surplus.

Persons: Dado Ruvic, Fitch, Edward Stone, Stone, Ken Tanji, MassMutual, OneAmerica, Steven Zabel, Zabel, Koh Gui Qing, David French, Greg Roumeliotis, Anna Driver Organizations: Prudential Financial, REUTERS, SEATTLE, Sunday, National Association of Insurance, Reuters, Federal Reserve, OneAmerica Financial Partners, Massachusetts Mutual Life Insurance, Prudential, Silicon Valley Bank, First Republic Bank, Insurance, American Council of, Equitable Holdings, MetLife, U.S . Securities, Exchange Commission, SEC, MassMutual, OneAmerica, Financial, Unum, Thomson Locations: United States, U.S, Seattle, Fitch, Silicon, New York

Asian stocks fell to a one-month low and European indexes were in the red, with the STOXX 600 down 0.8% at 1125 GMT (.STOXX). "We’re still getting a mixed message from the inflation numbers," said Ben Laidler, global markets strategist at eToro. The pound was up 0.4% at $1.2725 , after GDP data showed Britain eked out some unexpected growth in the second quarter, helped by a strong June performance. But it remains the only large advanced economy that has not yet regained its pre-COVID late-2019 level, data showed on Friday. Investors will be watching for UK inflation data next Wednesday.

Persons: DAX, Mary Daly, We’re, Ben Laidler, eToro's Laidler, Brent, Elizabeth Howcroft, John Stonestreet, Susan Fenton Organizations: Credit Suisse, Wall, San Francisco Federal Reserve Bank, Investors, Nasdaq, HK, Britain, West Texas, International Energy Agency, Thomson Locations: Silicon, China, Australia, Japan

☆ Ex-Goldman CEO Lloyd Blankfein phoned his successor to complain after taking a $50 million hit on the bank's stock - and even offered to rejoin the firm, report says
▼ + stars: | 2023-08-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Goldman Sachs' ex-CEO called up his successor to complain after taking a $50 million hit on the bank's stock, The New York Times reported. Lloyd Blankfein offered to give more advice to David Solomon and floated a return to the firm, per The Times. Solomon declined the offer of assistance, the newspaper said, citing three people briefed on the conversation. Blankfein reportedly made the unexpected call in mid-June, after Goldman's stock price had tumbled close to 10% from its January highs. Blankfein owned about 2.4 million Goldman shares in March 2019, the latest date for which figures are available.

Persons: Goldman Sachs, Lloyd Blankfein, David Solomon, Goldman, Solomon, Blankfein, it's Organizations: New York Times, Times, Goldman, Service, Apple Card, Bank Locations: Wall, Silicon

"We're going to see our first rise in headline inflation after 12 consecutive months of falling prices," said Ben Laidler, global markets strategist at eToro. The pan-European benchmark STOXX 600 (.STOXX) rose 0.5%, supported by gains in the luxury sector (.STXLUXP) after China lifted a ban on group tours in the United States and other key markets. In currency markets, the dollar index , which measures the U.S. currency against six peers, eased 0.4%. "We've got $1 trillion coming down the pipe over the next three months," eToro's Laidler said. "Any sign that markets are absorbing that well, which we got the first signs of yesterday, will be very well taken."

Persons: Ben Laidler, Laidler, Germany's DAX, Rodrigo Catril, We've, eToro's Laidler, Bond, Brent, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson Organizations: Silicon Valley Bank, Credit Suisse, Reuters, CAC, FTSE, Wall, National Australia Bank, U.S, Treasury, Alexandra Hudson Our, Thomson Locations: Frankfurt, Silicon, China, United States, Europe's, Europe, CHINA, U.S, Asia, Pacific, Japan, Beijing, Saudi Arabia, Russia

U.S. bank shares dropped on Tuesday after ratings agency Moody's downgraded credit ratings of several U.S. regional lenders and placed some banking giants on review for potential downgrade. It warned lenders will find it harder to make money as interest rates remain high, funding costs climb and a potential recession looms. The warning caught some investors off guard. On Tuesday, SPDR S&P Regional Banking ETF's (KRE.P) options-based 30-day implied volatility rose to 31.1%, up from 28.9% touched on Monday. "In the near term, there are reasons for caution about banks in general and we have made changes where appropriate," he said.

Persons: SPDR, Steve Sosnick, There's, David Wagner, David Smith, Brian Mulberry, Michelle Price, Diane Craft Organizations: Moody's Corporation, P Bank, Regional Banking, Silicon Valley Bank, Banking, Interactive, Alert, Aptus Capital, Autonomous Research, Analysts, Zacks Investment Management, Thomson Locations: Manhattan , New York, U.S, Silicon

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Investors should shrug off credit downgrades and buy regional bank shares, JPMorgan says
▼ + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Moody's warning this week about the credit worthiness of more than two dozen banks has created a buy-the-dip opportunity in shares of regional lenders, according to JPMorgan. The credit rating agency downgraded the ratings of 10 regional banks on Monday evening, and signaled concern for about 17 more. But JPMorgan analyst Steven Alexopoulos said in a note to clients on Wednesday that those concerns are already priced in to bank stocks, and regional bank stocks now have upside from current levels. That means that many bank stocks look cheaper today than before the downgrades, Alexoloulos said. JPMorgan's top picks among regional banks include New York Community Bancorp.

Persons: Steven Alexopoulos, Moody's, Alexoloulos, JPMorgan's, — CNBC's Michael Bloom Organizations: JPMorgan, Silicon Valley Bank, First, Pinnacle Financial, Pinnacle, Regional Banking, New York Community Bancorp, Western Alliance Locations: Silicon, New

☆ What does Moody’s downgrade mean for markets?
▼ + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.

Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, ”, Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York

☆ Illumina cuts annual profit forecast as biotech funding woes linger
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoAug 9 (Reuters) - Illumina Inc (ILMN.O) cut annual profit forecast, in a sign that a funding crunch among its biotech and pharmaceutical clients is expected to weigh on sales for its genetic testing tools and diagnostics products. Rising interest rates have squeezed funding for drug development and research programs among small biotech firms, especially in China. Higher-than-estimated demand for the production-scale sequencer, NovaSeq X, however, helped the U.S. genetic testing company surpass Wall Street estimates for second-quarter profit. The San Diego, California-based company reported adjusted profit of 32 cents per share, compared with expectations of 2 cents per share, according to Refinitiv data. Illumina expects full-year adjusted profit per share to be between $0.75 and $0.90, compared with its prior forecast of $1.25 to $1.50.

Persons: Mike Blake, Charles Dadswell ., Illumina, Carl Icahn, Francis deSouza, Pratik Jain, Shilpi Majumdar Organizations: Inc, REUTERS, Illumina, Bank, Wall, Thomson Locations: San Diego , California, China, U.S, Bengaluru

Concern over the sector had waned after second-quarter results showed most banks stabilized deposit levels following steeper losses during the March regional banking crisis. "Bank profitability has peaked for the time being," Arsov said. Shrinking profit margins, along with relatively lower capital levels compared to peers at some regional banks and concern about commercial real estate defaults, were key reasons Moody's reassessed its ratings on banks after earlier actions. In March, Moody's placed six banks, including First Republic, under review for downgrades and cut its outlook for the industry to negative from stable. The analyst stressed that the U.S. banking system was still strong overall and that even the banks it cut were rated investment grade, indicating a low risk of default.

Persons: They've, Banks, Ana Arsov, Arsov, Moody's Organizations: Bloomberg, Getty, Silicon Valley Bank, Moody's Investors Service, First Republic, Bank Locations: U.S, Silicon

☆ Moody’s warns it could cut credit ratings of 6 big US banks
▼ + stars: | 2023-08-08 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

CNN —Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade. A lower credit rating could push funding costs for those banks even higher. This, in turn, has raised fears that banks, which finance many commercial real estate deals, could suffer losses as a result. “Most regional banks have comparatively low regulatory capital versus the largest US banks and global peers,” Moody’s noted Monday. Moody’s also downgraded 10 smaller US banks Monday, including Commerce Bancshares (CBSH), BOK Financial Corporation and M&T Bank Corporation.

Persons: CNN — Moody’s, Dow, Cullen Frost, ” Moody’s, Moody’s Organizations: CNN, Bank of New York Mellon, State, Northern Trust, Nasdaq, Silicon Valley Bank, Signature Bank, First, U.S . Bancorp, Commerce, BOK Financial Corporation, T Bank Corporation Locations: Silicon, First Republic, United States

☆ Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In what amounted to 27 rating actions on US banks, Moody's pointed to rising costs of capital, deteriorating profits, and climbing risks to assets. In effect, much of the stress on banks Moody's is responding to can be chalked up to the Federal Reserve's policy decisions over the past year and a half. "Most banks' deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits," Moody's strategists wrote. So Moody's downgrades aren't all doom and gloom for these firms, and it's always possible the moves are reversed once the outlook turns rosier. Banks are in the money business, he explained, and the Fed has made money harder to come by.

Persons: Moody's, Service It's, they've, it's, Michael Bell, Honigman, Banks, Bell Organizations: Bank of New York Mellon, US Bancorp, Service, Northern Trust, State Street, Capital, Citizens Financial, Fifth Third Bancorp, Bank, KBW Nasdaq, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Reserve, Moody's, Treasury Locations: Wall, Silicon, Japan

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ Oil hedge funds place their bets on heat-fueled hurricane season
▼ + stars: | 2023-08-08 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

Gasoline prices usually rise ahead of the U.S. summer driving season. Money managers in the week to Aug. 1 boosted their net long holdings of NYMEX RBOB gasoline futures to the highest since late February 2022. HEDGE FUND-FUELED TURNAROUNDGasoline futures have risen around 14% this year, compared with a roughly 2% rise for U.S. crude futures . To guarantee a profit, they need the rise in gasoline prices to be sustained until hurricane activity is confirmed. But for gasoline to continue its rise against the price of crude oil, there needs to be a hurricane in the Gulf of Mexico, they said.

Persons: Liz Hampton, Tom Kloza, Vincent Elbhar, Eliot Geller, Brent Belote, Cayler, Belote, Arion, Nell Mackenzie, Laura Sanicola, Barbara Lewis Organizations: REUTERS, Liz Hampton LONDON, Gulf Coasts, Silicon Valley, Societe Generale, Reuters, Money, Futures Trading Commission, Reuters Graphics, El, Oil Price Information Service, CTA, Investment, Commodity, Fund, Aspect, CoreCommodity Management, CoreCommodity, Barclays, JP, Cayler, Thomson Locations: Loco Hills, New Mexico, U.S, Russia, Ukraine, Gulf of Mexico, United States, Gulf, Silicon, Gulf Coast, Mexico, Europe, Hurricanes, Washington

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The downgraded banks include M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank and BOK Financial Corp (BOKF.O). The banks placed on review for downgrade include BNY Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N) and Truist Financial (TFC.N). Moody's changed its outlook to negative from stable for Capital One (COF.N), Citizens Financial (CFG.N) and Fifth Third Bancorp (FITB.O), among others. The ratings agency also affirmed the ratings of PNC Financial Services Group (PNC.N), Citizens, and Huntington Bancshares (HBAN.O) alongside other banks.

Persons: Moody's, BNY Mellon, Huntington, Juby Babu, Muralikumar Anantharaman Organizations: Moody's Corporation, T Bank, Pinnacle Financial Partners, Prosperity Bank, BOK Financial Corp, BNY, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Citizens, Fifth Third Bancorp, PNC Financial Services, Thomson Locations: Manhattan , New York, U.S, Silicon, Bengaluru

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