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U.S. stocks face downside risk after the Fed went ahead with an interest-rate hike to battle high inflation after bank failures earlier this month, according to SoFi's Liz Young.
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Federal Reserve hikes its key interest rate a quarter point CBS NewsFed raises interest rates a quarter point despite recent banking turmoil Fox BusinessThe banking meltdown may have done the Fed's work for it CNNOpinion | The Fed Tries to Thread the Needle on Interest Rates The Wall Street JournalWhy Are Stocks Down? InvestorPlaceView Fu
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Jack Daniel's v. poop-themed dog toy in a trademark case at the Supreme Court NPRSupreme Court humors itself as it considers whether Jack Daniel's can stop a dog toy company from parodying its brand CNNJack Daniel's and dog toy in Supreme Court showdown BBCJack Daniel's wants Supreme Court to save its good name from a chewy dog toy NPRThe Supreme Court hears a surprisingly difficult case about poop jokes, in Jack Daniel's v. VIP Vox.com
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Treasury secretary's comments come on another brutal day for investors in smaller US lenders
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Patrick Carroll, whose company manages $7.4 billion in assets, likens Wednesday's Fed rate hike to another punch in the gut for the real-estate market.
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Fitch Ratings late Wednesday downgraded First Republic Bank's FRC debt rating three notches, following a downgrade last week. Fitch downgraded the bank's issuer default rating to "B" from "BB." The downgrade comes after a group of banks injected $30 billion of liquidity into the bank. "While this injection created necessary headroom from a liquidity perspective, the bank's new funding profile is relatively costly and is viewed as the primary ratings constraint," Fitch said. "Fitch estimates that, due to the higher cost of funds, FRC is currently operating at a net loss that is not sustainable over the longer term absent a balance sheet restructuring," the ratings agency said. "Furthermore, to the extent that FRC is required to repay the $30 billion at the end of its term, it will have to raise liquidity by selling assets."
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Dow ends down over 500 points as U.S. stocks sell off in final minutes of day
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The market hadn't fully rebounded from the pandemic. Some worry that another slowdown could add to fears of a recession.
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Investors hoped for some sort of strategic action by the troubled bank or another big regulatory move to stem the downward spiral in the sector.
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