This morning (PST) all three major US indices are in the red perhaps because of two major news. China's exports and imports fell by double digit percentage till July raising concerns that global economy might be slowing down. There was also a news article that said that Moody's was considering downgrading six major US banks. I think the big banks such as JPM, BAC, C, Wells Fargo are NOT part of this list as far as I can tell. Banks' stress test results and past comments by Feds and Treasury Secretary already expressed confidence in stability of financial system but nevertheless, this article might have brought the fear back.
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