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Are US Banks On Shaky Ground? Stocks Tumble As Fitch Sounds Alarm On Potential Downgrades

Fitch Ratings raised alarms about the looming threat of rating reductions for numerous U.S. banks, with even giants such as JPMorgan Chase & Co. (NYSE: JPM) potentially in the crosshairs. Chris Wolfe, an analyst at Fitch, highlighted that while the agency lowered its outlook on the banking sector's health in June, it didn't result in immediate downgrades. However, a further dip in the industry's rating from AA- to A+ could prompt Fitch to reassess the ratings of over 70 U.S. banks.

BAC

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‘The Big Short’ Investor Is Going Big Short: Burry’s 13F Says The Bull Of 2023 Is Over With 40,000 Puts On The SPY And QQQ

Michael Burry's Scion Capital hedge fund took a bearish stance on both the broader market and the tech sector in the second quarter, with sizable puts on S&P 500 and the QQQ.

CRGY