American Households spending $709 More a Month

8.16.23 - American Households spending $709 More a Month

Gold last traded at $1,892 an ounce. Silver at $22.42 an ounce.

CNBC Daily Open: More trouble ahead for U.S. banks -CNBC

CNBC is calling for some tough days ahead for our banks...as if we haven't already been through enough. They cite several factors that will likely contribute to more banking difficulties and explain why.

by Yeo Boon Ping

Beset by worries
Major U.S. indexes tumbled, weighed down by losses in financial stocks and worries over China's faltering economy. Asia-Pacific markets followed Wall Street and fell Wednesday. Most regional indexes lost at least 1%. A silver lining: Japanese business' sentiment climbed in July, alongside the country's stronger-than-expected economic growth.

Potential banking downgrade
Fitch Ratings warned it may downgrade the U.S. banking industry's credit rating from AA- to A+. Since individual banks cannot be rated higher than the industry, major banks like JPMorgan Chase and Bank of America would be cut to an A+ rating - with a trickle-down effect for smaller banks - if the downgrades happens. Fitch's warning comes as Moody's downgraded 10 banks last week.