Today we got bank downgrades from Moody’s. The downgrades included five major U.S. banks; Citigroup (C), Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC) and JPMorgan Chase (JPM). Shares of Citi, Bank of America and JPMorgan are up more than 1% in premarket trading. Morgan Stanley was up more than 3% after it’s rating was cut by two, rather than the feared three, notches.
European stocks are down in morning trading and Asian markets ended lower.
Personally I think we bleed lower at least through the Fourth of July holiday.
1400 ET USDA Cattle on Feed report.
1500 ET USDA May Cold Storage.