Stock Market News
U.S. bank stocks drop after Fitch downgrade warning
2023.08.15 10:26
© Reuters. FILE PHOTO: A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) – Shares of U.S. banks dropped in premarket trading after a Fitch Ratings analyst told CNBC that the agency could downgrade several lenders, while a proposed rule change by a top banking regulator added to investor worries.
Big banks JPMorgan Chase (NYSE:), Wells Fargo (NYSE:) and Bank of America (NYSE:) fell between 1.5% and 1.6%.
Among the mid-sized lenders, Western Alliance Bancorp (NYSE:), Zions Bancorp (NASDAQ:), and PacWest Bancorp (NASDAQ:) fell between 2% and 5%.
