The $S&P 500(.SPX)$ ended a five-week streak of straight gains after a mixed trading day on Friday closing down 0.8%. It's been a tough week with a 1.4% drop for the week as a whole, marking its worst weekly performance since early March. The $NASDAQ(.IXIC)$ and the $DJIA(.DJI)$ also had their worst weeks since March. The Nasdaq had seen eight straight weeks of gains. $Tesla Motors(TSLA)$ $Apple(AAPL)$ Most Active Stocks MAIN EVENTS BOE-Powell Testimony This week, the world's central bankers continued to take a tougher stance, with particularly rapid rate hikes. The poor
This is how I see the US “bigger” banks in the coming months and into 2024. It is based off an accumulation of: March 2023 US banking debacle that has brought down 3 US banks - (a) Signature Bank, (b) Silicon Valley Bank (SVB) and finally, (c) First Republic. News articles that I have come across in recent months. Extract of Mr Powell’s testimony with Senate Banking Committee on Thu, 22 Jun. This is how I see it. Summary. US banking sector is facing a challenging outlook in the second half of 2023 and into 2024, as it: Grapples with the aftermath of the March banking debacle. Adheres to the FDIC's latest levy. Explores the Fed's new credit requirement and Enforces credit tightening within the industry. Below is analysis of each factor and its implications to the US bigger banks. (