Banking and financial stocks plunged on Thursday after Zions Bancorporation NA (NASDAQ:ZION) announced that it had incurred a sizable charge due to bad loans of a couple of borrowers. Meanwhile, Western Alliance Bancorp (NYSE:WAL) alleged on Thursday that a borrower had committed fraud.
This follows JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon‘s comments after Tricolor Holdings’ bankruptcy, saying "When you see one cockroach, there’s probably more," raising red flags across the sector.
Meanwhile, the 10-year Treasury bond yielded 3.95% and the two-year bond was at 3.38%. The CME Group's FedWatch tool‘s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.
Futures
Change (+/-)
Dow Jones
-0.73%
S&P 500
-0.99%
Nasdaq 100
-1.17%
Russell 2000
-1.47%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Friday. The SPY was down 1.12% at $653.23, while the QQQ declined 1.33% to $592.02, according to Benzinga Pro data.
Stocks In Focus
CSX Corp
CSX Corp. (NASDAQ:CSX) rose 2.06% in premarket on Friday as it posted better-than-expected results for the third quarter, with revenue of $3.59 billion, beating analyst estimates of $3.58 billion and adjusted earnings of 44 cents per share, beating analyst estimates of 43 cents per share.
CSX maintained a stronger price trend over the short, medium, and long terms, with a moderate growth ranking, as per Benzinga’s Edge Stock Rankings. Additional performance details are available here.
Standard Lithium
Standard Lithium Ltd. (NYSE:SLI) plunged 18.55% following the company’s Thursday announcement of a $120 million underwritten public ...
