Stocks ticked mostly upward today despite worries about the U.S. banking system, the Associated Press reports.
U.S. shares rose, with Dow Jones futures up nearly 0.1% at 35,426.00 and S&P 500 futures rising 0.2% to 4,528.50.
Bank stocks fell after Moody’s cut the credit ratings for 10 smaller and midsized ones and put six others under review. It cited a list of concerns about their financial strength, from the effects of higher interest rates to the work-from-home trend that’s leaving office buildings vacant.
The Federal Reserve has hiked its main interest rate to the highest level in more than two decades in hopes of grinding down inflation. High rates work by slowing the entire economy bluntly, which has raised the risk of a recession.
Later this week, the U.S. government will release data on consumer and wholesale inflation, which could influence what the Federal Reserve does next.
In energy trading, benchmark U.S. crude added 21 cents to $83.13 a barrel. Brent crude, the international standard, rose 16 cents to $86.33 a barrel.
In currency trading, the U.S. dollar fell to 143.24 Japanese yen from 143.36 yen.
