WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The S&P 500 dipped 0.42% to end at 4,499.38, bringing the broad index’s month-to-date loss to almost 2%.
The corporate earnings season has so far been better-than-anticipated. With 89% of S&P 500 stocks done reporting quarterly results, about four-fifths of them have beaten Wall Street’s expectations, according to FactSet. But it appears a lot of those results were already priced into the market, given the recent pullback.
Tuesday was the fifth negative day out of six sessions for both the S&P 500 and the Nasdaq. At session lows, both were down more than 1%. Though all three indexes closed off their lowest respective points in the session, none ever broke into positive territory.
Banks fell broadly after Moody’s downgraded the credit rating on several regional banks, including M&T Bank and Pinnacle Financial, citing deposit risk, a potential recession and struggling commercial real estate portfolios. The credit agency also placed Bank of N.Y. Mellon and State Street on review for a downgrade.
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