Decreased credit ratings put pressure on the S&P 500
The Moody's Investors Service (Moody's) credit rating agency dropped the credit ratings of 10 small- and medium-sized US banks. In addition to that, the agency also put the ratings of several big banks up for review. The Fitch credit rating agency had previously dropped the United States' credit rating from AAA to AA+. The decreased ratings reflect increased pressure on the banking sector due to high interest rates and on the US economy as a whole. That's bad news for the S&P 500.
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