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- 08-07-24 RSO News PM
08-07-24 RSO News PM
Wait, Is There Really a Recession Around the Corner?
Your Late Night News
Before you log off, before you go to bed…you should read on to see what we have to share. We’ve got some more news for you to digest and even a place for you to dream about visiting…Read on!
Quote to Live By
"Real change, enduring change, happens one step at a time.”
- Ruth Bader Ginsburg
Bank Stocks Plummet Amid Recession Fears
In response to growing worries of an impending recession, Wall Street witnessed a broad-based sell-off in financials yesterday, sending bank stocks tumbling across the board. Major lenders bore the brunt of investor anxiety, with Citigroup leading the pack with a staggering loss of almost 5%. Other notable decliners included Wells Fargo (-4%), Morgan Stanley (-4%), Goldman Sachs (-4%), JPMorgan Chase (-2.7%), and Bank of America(-3.5%).
As history suggests, lending institutions tend to bear the full force of economic contractions, primarily owing to heightened apprehensions surrounding potential credit defaults resulting from rising joblessness. Furthermore, sluggish loan demands—a critical component driving profit margins–also tend to suffer during such periods.
Jason Goldberg, renowned banking expert at Barclays, attributed the current turmoil to recent disconcerting economic indicators that hint towards slower-than-anticipated GDP expansion."The economy is potentially slowing more than people appreciated, based on last week's economic data, and that first and foremost is the biggest driver as it impacts loan growth, income growth, and credit quality."
Regional banks were not spared either, with Customers Bancorp plummeting approximately 6%, followed by declines in Huntington Bancshares (down around 4%). Shares of other prominent mid-tier names like Banc of California, Citizens Financial Group, and USBancorp retreated between 3.2% and 4%.
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Public… x.com/i/web/status/1…— Joey Mannarino (@JoeyMannarinoUS)
3:27 PM • Aug 3, 2024
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