Morning Note | Aug 8, 2023 | Moody's Downgrades Banks, Preferreds Get Hit.

Good Morning!

Stocks are moderately lower thanks to Moody's downgrading several banks at once.  The banking index is now down ~4%.  The banks in question are M&T Bank, US Bancorp, Cullen/Frost, Truist Financial, Northern Trust, Pinnacle Financial, while BNY Mellon, Capital One, Citizens Financial, Fifth Third, and State Street get placed under review for…