: Financial stocks weaken on multiple headwinds


Financial stocks are among the worst-performers in the S&P 500 SPX, -0.80% on Tuesday, after more than one fresh challenge in the sector. FDIC Chairman Martin Gruenberg said large regional banks should face new rules and tougher oversight. Fitch analyst Chris Wolfe said the debt rating agency may be forced to downgrade many U.S. banks after a ratings watch it posted in June. If Fitch downgrades the industry by one notch to AA- from A+ it would have to reevaluate ratings on more than 70 U.S. banks it covers, Wolfe said in an interview with CNBC-TV. In a third development, Discover Financial Services DFS, -10.51% fell 9% as the worst performer in the S&P 500 after it said its Chief Executive Roger C. Hochschild had resigned. Among bank stocks with the most red ink in the S&P 500, KeyCorp KEY, -3.68% was down 4.2%, Comerica Inc. CMA, -3.99% was down by 4.6%, Citizens Financial Group Inc. CFG, -3.87% was down by 4%, Capital One Financial Corp. COF, -2.12% was down by 2.4%, Fifth Third Bancorp FITB, -3.14% was down by 3.1%, Zions Bancorp ZION, -3.22% was down by 3.7%, Truist Financial Corp. TFC, -2.54% was down by 3% and M&T Bank Corp. MTB, -2.74% was off by 2.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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