- US stocks slid on Tuesday as investors fretted over the banking sector and China.
- A Fitch analyst said it could downgrade top US lenders, if the "operating environment" rating for the industry worsens.
US stocks slid on Tuesday as investors fretted over the banking sector and took in data showing another weak month for China's economy.
Bank stocks fell after a Fitch analyst said it may downgrade a handful of US lenders, if the overall "operating environment" rating for the industry worsens further. Shares of JPMorgan, Bank of America, Citigroup, and Wells Fargo traded lower, while the SPDR S&P Regional Banking exchange traded fund fell 3%.
Investors were also discouraged by another disappointing month for China's economy, with the nation reporting lower-than-expected industrial production, retail sales, and exports for July.
Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 4,437.86, down 1.16%
- Dow Jones Industrial Average: 34,946.39, down 1.02% (361.24 points)
- Nasdaq Composite: 13,631.05, down 1.14%
Here's what else is going on today:
- Home prices saw record increases in over half of the US housing market.
- Some lower-tier office buildings could become "obsolete" and spark major losses for banks and investors, one property exec said.
- Nvidia's upcoming earnings could swing the whole stock market higher, said Deepwater's Gene Munster.
- China's economic slump has spillover risks to the US, Treasury Secretary Janet Yellen said.
- Russia found a $1.2 billion loophole in the $60 oil price cap, per an analysis from the Financial Times.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil slipped 1.88% to $80.94 a barrel. Brent, the international benchmark, fell 1.6% to $84.83 a barrel.
- Gold fell 0.31% to $1,902.46 per ounce.
- The yield on the 10-year Treasury bond rose 2.7 basis points to 4.209%.
- Bitcoin fell 0.59% to $29,156.