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Wall Street stocks tumbled near midday Tuesday, after weak trade data added to global growth concerns and Moody’s downgraded several US banks on a weakening profit outlook. bulletin news
China’s latest trade data showed the biggest fall in exports for more than three years, while US trade numbers showed a decline in both exports and imports in a sign of weakening demand.
Moody’s downgraded 10 regional banks and placed another six lenders on watch for a possible downgrade, citing the rising costs of bank deposits and a worsening outlook for credit quality.
Near 1540 GMT, the Dow Jones Industrial Average was down 1.0 percent at 35,130.46.
The broad-based S&P 500 also fell 1.0 percent to 4,473.20, while the tech-rich Nasdaq Composite Index shed 1.3 percent to 13,806.26.
The losses were a reversal from Monday, when the Dow rose more than one percent.
Banking shares were broadly lower after Moody’s downgraded 10 banks, including BOK Financial, which fell 2.6 percent and Prosperity Bancshares, which was down 2.3 percent.
Larger banks such as JPMorgan Chase and Citigroup were also under pressure, losing around two percent or more.
UPS shares dipped 0.1 percent as it lowered its full-year forecast.
It cited added costs associated with a new labor agreement and a hit from lost business from customers who diverted deliveries due to worries about a strike prior to the deal.
Eli Lilly surged 16.9 percent as it lifted its full-year forecast following a strong second quarter boosted by robust sales of its diabetes treatment Mounjaro and other drugs.
jmb/mlm
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