KRE Update + Next Steps for the Trade Room
Today, Fitch Ratings, which recently made headlines for downgrading the U.S.’ long-term credit rating, sent another word of warning. Fitch stated that the credit ratings of major U.S. banks could be up for reassessment if the overall industry continues to face downward pressures. The U.S. banking sector fell about 1.6% in response, using the Financial Select Sector SPDR ETF (NYSE: XLF) as a proxy. Smaller regional banks fared even worse, with the SPDR S&P Regional Banking ETF (NYSE: KRE) falling by more than 3% at last glance.
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