The Banks Are Taking Another Hit

Wait, Is There Really a Recession Around the Corner?                                                                                                                                                                                                                                                                                                                                                                                                                 August 07, 2024 | [Read Online]( 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%. This is an advertisement [Who Was the Better President: Obama or Trump?]( We’ve all had our favorite president. Which do you think provided a better America with more prosperity - Obama or Trump? [Share your thoughts now!]( A Quick Look at the Latest Tweet Politicians say the darnest things, and we can’t help but share some of the craziest ones we’ve seen. Check out the latest we found… [tw profile: Joey Mannarino] Joey Mannarino @JoeyMannarinoUS [tw] Under Joe Biden & Kamala Harris, here’s what happened to America’s economy: Gas: +49.1% Electricity: +31.6% Fuel oil: +46.4% Airfare: +32% Hotels: +52.3% Groceries: +21.3% Eating out: +22.7% Baby food: +30.5% K-12 food: +65.1% Rent: +21.5% Used cars: +21.3% Public… x.com/i/web/status/1… 3:27 PM • Aug 3, 2024 82.7K Likes 33.6K Retweets 3.56K Replies This email has ads brought to you by our sponsors. [tw]( [yt]( Update your email preferences or unsubscribe [here]( © 2024 The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume the sender of this email has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this message and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. 4801 Linton Blvd. #11A-636 Delray Beach, FL 33445, United States of America [[beehiiv logo]Powered by beehiiv]( [Terms of Service](