moody�*s — another major ratings agency — downgraded a number of medium sized lenders earlier this monthind it? this downgrade is forthcoming and what are the reasons behind it?-

recovered through two sam costellow penalties but south africa went back ahead courtesy of canan moodie�*sh du toit and kriel combined for a length—of—the—field try. the boks would run in a further three... including a second for moodie as they ran out 52—16 winners. south africa face new zealand next at twickenham on friday. 0ne game in super league today, with challenge cup winners leigh leopards back in action against the league leaders calatans dragons. and leigh were brought back down to earth after that famous win at wembley. despite leading twice they eventually succumbed to the french side losing by 30 points to 14. tom davies with the pick of the tries. dragons are now four points clear at the top, with five games of the regular season to go it was last weekend of course when leigh won their challenge cup final. there were two on the day at wembley, but there�*s still one more to go. the wheelchair challenge cup final brings together leeds rhinos and catalans dragons — featuring players who became stars when england won the world cup last year. sally hurst has more. the leeds rhin

worried but not whacking out anxious about s and p, joining moody's and cutting more bank ratings, but hopeful so far, just a handful of bank ratings could explain why americans are worried about the economy and no doubt an issue republican presidential candidates will be pounding tomorrow because donald trump might not be there. but this issue will be and if today's retail numbers are any indication, we suspect right and center. welcome everybody. i'm neil covid. oh, so glad to have you, you know, what do you think? in terms of earnings? there are probably no better or more telling than retailer earnings and no better poll on the american psyche, either, because if you think about it as well, these numbers reflect what folks what you and me are paying, not just saying here we let our wallets do the talking. so what are we? what are we saying about where we stand? let's go to kenny polcari and can be read of the markets. and human psych, kenny . good to have you, my friend. you know, the real i'm always been fascinated by retail sales because this is where we could, you know, cut to th

you have been pushing this through, the shekel has lost value, startups are registering abroad, moody's, s&p have warned about investing in israel and the military in israel have repeatedly warned there is a crisis of readiness because of the features that your reforms have created in society and because reservists are now threatening not to show up, so is that not a failure of leadership by the prime minister? >> no, i don't think so. some of these protesters have crossed lines that should never be crossed, unfortunately. we are a citizen's army in israel. the army never should have been brought into it -- geoff: are you criticizing individual members for protesting at all? >> no, of course not. what i don't think his military reserve or should not come to the government and say if you don't adopt this or that policy, we are going to -- because military reservists have decided they are going to dictate the policy. the people who make decisions in a democracy are not military reservists or military officials. it is the elected branch of government and that is israel's democratic leaders th

i think mahendra moody is in s nc with join? i think mahendra moody is in sync with the _ join?a moody is in sync with the brazilian _ sync with the brazilian understanding that first brics as a platform straight to and delineate standards and principles on which new members can be brought in because otherwise it becomes a very unwieldy organisation and perhaps dominated by china's desire to make brics an anti—west platform. that is a real worry here in new delhi that the chinese and russians together are morphing for geo— economic platform to something that is anti—west, something which india, new delhi and mahendra moody would be very uncomfortable with. [30 new delhi and mahendra moody would be very uncomfortable with.— be very uncomfortable with. do you feel it is moving _ be very uncomfortable with. do you feel it is moving on _ be very uncomfortable with. do you feel it is moving on from _ be very uncomfortable with. do youj feel it is moving on from economics and trade into something more political with that overt anti—western agenda? political with that overt anti-wester

moody's and s&p warned about investing in israel. military have repeatedly warned a crisis of readiness because of the fissures your reforms have created in society and are now threatening not to show up. is it not a failure of leadership? >> i don't think so. unfortunately, some protesters have crossed lines that should never have been crossed. we are a citizen's army. the army should never have been brought into it. >> are you criticizing individual members for protesting? >> no, of course not. protest is a fundamental right in democracy. i don't think you should come to an elected government and say if you don't adopt this or that policy, we are not going to serve. >> you have israeli military leaders warning the prime minister this is a readiness issue. that is more than a question of individual reserve. >> the military reservists decided to dictate policy >> military leaders said there is a significant -- >> people make decision and democracy are not military reservists, it is the elected branch of government. israel's democrati

s&p, what about moo munis. >> i think you got that exactly right it hasn't had an impact on the economy and likely you can still find lots of aaa rated treasuries from moody'ssn't have as much impact and honestly the most import part is the fact there is no plan that the president said explicitly when i said social security and medicare and try to get everyone in the congress to pledge not to touch those those desperately need to be reformed the broker to go bankrupt in the next ten years and that's not how americans want the government to run they want programs they can rely on and make retirement plans around we need to get serious of a plan to take care of the programs and more. >> remember those people vote, it is political and social security and medicare back to boats enough to go against his people they are just not. >> we really do have to deal with the fiscal problem, politically there has to come a day hopefully in the near future where you're more likely to lose your job if you promise to touch the security then you promise not to touch it. someone who is 55 years old does not know what they're going to get from the social security system and tha

the s&p now joining moody's and slashing rating on a number of names in that space. >>> the wait is over. softbank's a.r.m. is filing an ipo for this fall. >>> calling a changing world order. china and russia kickoff a summit focused on the brics. it is tuesday, august 22nd. you are watching "worldwide exchange" here on cnbc. >>> good morning. welcome to "worldwide exchange." i'm frank holland. the nasdaq is coming off the best day since july and the tech sector seeing the best session since may. futures right now in the green across the board. the dow looks like it would open 50 points higher. nasdaq a .50% higher in the early trade. we are checking the bond markets. yields with the 10-year treasury trading at the highest level since 2007. 4.31%. the 30-year treasury is highest since 2011. 4 4.42. the 2-year treasury is a tick under 5%. take this all together and high rates for auto loans and credit cards and mortgages. as of this morning, the fixed 30-year mortgage is sitting at highest since 2000 up over last month. now with a look at the markets and bringing in marian bartell. mary a

s&p global downgraded and cut the outlook for smaller and midsized u.s. banks. the decision comes two weeks after moody'sered credit ratings for 10 u.s. banks. s&p says deposit decline in these banks have squeezed liquidity intern pushing stock values lower and it comes as clients move funds into accounts with higher interest rates elsewhere. meanwhile charles schwab is planning to cut jobs and offices to achieve $500 million in annual cost savings as the brokerage response to pressure. the company says redundancy and other costs will amount to four to 500 million dollars. schwab said earlier this month it is expecting -- experiencing temporarily lower inflows of client money as it sees attrition of some assets while it integrates te deum air to into its business. and elsewhere sbb, the center of sweden's commercial property crisis has been downgraded five notches by which ratings with a warning that more cuts could be on the way. the move to be minus puts sbb into junk status and follows a downgrade by s&p last month. fitch noted sbb's deteriorating cash position stemming from insufficient progress on a

we are getting downgrades from s&p and moody's.n are we going to get the real results of consumers that have overreached and the fiscal spending taps being turned off? anna: credit ratings and consumers credit scores are very procyclical. the widening and corporate spreads only happen as you start getting into a downturn, where the credit rating gets less anna suddenly borrowing costs increase. so our consumer balance sheets. credit score start falling because of rising delinquency, it is harder for them to continue to borrow. we are starting to see the early dynamics of a downturn but not yet in full-fledged. i expect by the end of this year, we are going to see consumer delinquency at levels you last saw in 2010. amber: let us put it altogether, this is all leading up to jackson hole, jerome powell speech on friday. where could we get a surprise and shock to the market? ira: a surprise might be given the mix of the data we have seen would if he was a significantly more hawkish than he was at the july meeting. that would probably

the others are s&p and moody's.usiness correspondent michelle is following that story from new york. >> like many americans who have credit reports to determine if they can borrow money and how much debt they can take on, the u.s. government has its own and it got downgraded for the first time since 2011. they lowered their rating from aaa to aa plus. fitch, one of the three major ratings agencies put the u.s. government on notice, blaming the standoff over the debt ceiling. it was ultimately lifted in a last-minute deal, averting their first-ever default. but the feud was cited as one of the reasons for the downgrade. make no mistake, this is a major blackeye for america. u.s. treasuries, essentially government ious, seen as the bedrock of the global financial system and fitch is essentially pointing out that there is an aroma vision and trust in american leadership but given the depth and perceived safety of u.s. treasuries the downgrade isn't likely to change its role in the financial system. it could, however, m

we are dragged down by financials after s&p downgraded regional banks in a move that follows moody's. we have big losses and some of the retailers, and we will talk about those, but that is a weight the next. u.s. 10-year yield to coming down as investors by the bonds. 34.3181. -- 4.3181. we are up across the curve. today we are getting back some of the gains in yields as prices rise. bloomberg u.s. dollar index very little changed. we have seen this over the last few sessions relatively strong level. with high yields, more investors in the assets. nymex crude is down $.17 even as prices at the pump rise to the second highest level we have seen in recorded history seasonally. nymex crude at $80.50 a barrel. amber, what are you looking at? amber: you mention financials are a pinpoint on the s&p 500. so is retail. macy's is under huge pressure right now. sales dropping, and what are they doing in the face of that? they are resorting to discounting. investors never like to see that. they did not like what big sporting goods had to show in the latest quarter. profit plunging. they have a

moody's first and s&p global downgrading citing tough operating conditions. our "call of the day." financials are the worst performing sector today, josh. you only have jpmorgan but what about the group? how do you see it given this news about just the environment, the downgrades and how we should be thinking about these. >> i've been very pessimistic on this group and will continue to be. you have a couple fortresses and a few areas that have nothing to do with the deposit business, things like black rock, berkshire hathaway. please explain it to me, the last 15 years you got away with paying nothing to depositors and could use that to make as much money as you wanted -- bonds, private equity, could lend to rich people against their stock and bond portfolios. that has changed there is a funding cost. if you believe there are five rate cuts next year, okay, buy the banks. you're not going to want to own companies that have as high a cost for acquisition of customers as the regionals, for example. look, these are good companies. it's just a terrible environment. in my experience whe

now 8:02 east coast markets rebounding one day after pressure from the moody's grown grade dow industrials o up 61, nasdaq day up 38 s 11 1/2 moody's cut ratings on 10 small, midsized banks yesterday new investment fears over global slowdown in the banking sector congressional budget office estimating deficit will top 1.6 will trillion dollars first 10 months of the year this fiscal year we are watching a second quarter earnings disney reporting after the bell tonight that could set the tone for markets tomorrow the stock this morning higher, going into it. price of oil also a factor tighter supply from saudi arabia, russia concerns over slow demands from china price of oil sup, as you can see, with brent, at 86.82 crude oil 83.60 this morning european markets are also higher fractional moves across the board best the dax in germany, with gain 1% cac quarante actually higher on percentage basis cac quarante up 78 asian indices mix story consumer price index dloong best in asia kospi up 1 1/4% gop hopeful has gotten go ahead taking debate stage next week president trump, however, remains far in the lead majority ameri

we can connect this on the s&p downgrade following moody's. nect this with the technicals, the bounce we are having, is the s&p 500 relative to its 50-day moving average? it does make the case that we could see the bounce lost more, but it doesn't mean much because of the near down trend still in play. if it were to break above that it would be interesting to talk about. she thinks we will see a bounce moving into something more and she has been excellent over time, so let's see how it plays out. we of course have the disappointing existing home sales number. this is an affecting home stocks. homebuilding stocks. on the day they are higher and on the year rallying and huge way. it makes sense to a large degree from the standpoint that if there are not a lot of existing homes from an inventory standpoint because of rates and people are locked in at lower rates, go out and buy a new home . these stocks are on fire this year. guy: i take your point. i think that toll brothers reports after the bell so we will look forward to what it has to say. a

the s&p in 2011 said the same thing moody did, the same concerns from the credit bureaus started in 2011 and they are continuing now into 2023 area i believe the s&p has made noises about potentially lowering the credit rating more in the future if we do not get our act together. host: lower than a aa+? guest: that is right. host: what would that mean? guest: more of the same. it is a rising level of risk, in their view, which is why they are lowering the rating a little bit. in the near term, this is probably not a real concern. there will not be a big meltdown in credit markets. this is sort of a warning signal. and it should be taken seriously. this is a signal that it might be on the horizon at some point. it could be decades. this is something the congressional budget office has told congress more than once. when the debt gets high, they raise the risk of real financial issues where they will have to start paying a lot more in interest. right now, we pay $650 billion a year just in interest costs. that is more than we spend on medicaid. it is only going to grow in the direction we a

today markets rebounding after a day of pressure on moody's downgrade, stocks are higher, dow up 62, nasdaq up 45, s higher by 11 and-a-half. this after moody's cut credit ratings on 10 small and mid-size banks yesterday, sparking fears over a potential slowdown in the banking sector. the congressional budget office estimating the deficit will top $1.6 trillion in the first 10 months of the fiscal year. we're watching second quarter earnings as well. disney is going to be reporting after the bell today. the stock is up going into the numbers. almost 1%. european markets also in the green this morning, take a look at you' eurozone, the dax is hir by 182. asia overnight a mixed story, china's consumer price index down in july for the first time in two years, shanghai composite down one half of 1%, kospi index up 1 and a quarter percent. the 2024 race taking shape, another gop hopeful taking the debate stage. president trump remains in the lead as a majority of americans think is charges are a distraction from the growing evidence of biden family corruption. calls for an impeachment inquiry into joe bi

here is another one for you, s&p, following moody's and cutting their outlook, citing a tough climatelowering their grades for comerica. this might sound familiar. the decline in deposits has squeeze liquidity for many banks, while the value of their securities has fallen. you could have written that in march. you could have written it in february for that as well -- for that matter as well. lisa: in them a march people were wondering, does this mean they are going to stop lending altogether? and we are going to face a credit crisis? the answer was no, didn't happen. and now you have s&p following moody's to raise questions around profitability. it is a different question than a question round ability to lend, leanness to land, and something that matters to the economy on a broader scale. jonathan: if you have those first two stories things would sound terrible. and then you hear about this. softbank's arm filing what would be the largest tech offering since alibaba in 2014. what does that tell you? things sound terrible when you talk about the banks, about china, about restrictive mo

the s&p now joining moody's and slashing rating on a number of names in that space. >>

financials, one of the worst performing s&p sectors after moody's cut the credit rating for a number of regionals and that move renewing investor concerns around the challenges facing the bank. joining me now is scott seavers of piper sandler to talk about the group. good to see you. >> hey, mike good to see you. thank you very much. >> what do you think of not just the downgrade, but in general this broader, refocusing of attention on some of the underlying issues that we know the regional banks have been dealing with and where those stand right now? >> yeah. it's still kind of a work in progress we come off of what was a slightly better than expected second quarter there is certainly a lot of pressure and i don't want to minimize those, but i think what happened in the earnings season is that investors breathed a sigh of relief that the worst fears earlier this spring did not come to pass and they've clearly stabilized and that's it having said that, i think with this yields that we've had over the last week or so, that sort of caused some of this enthusiasm to wane the downgrades

banks fell a day after ratings agency s&p global followed moody's. risk area we've been highlighting many times throughout the year. now, in the retail space, macy's shares plunged 4% as the retailer warned they'll be cautious the rest of the year. year-on-year revenue fell and left its trimmed annual forecast unchanged. joumanna, i think for me yesterday, the news we got out of the u.s. retailers was most notable. you heard there what we heard from macy's, essentially warning that the consumer is looking weak. they're expecting a weak holiday season and perhaps most interestingly, they're seeing a faster than expected rise in credit card payment delays. so clearly they are seeing some impact from the higher interest rate environment. >> the other phenomenon i thought was quite interesting coming out of the u.s. retail season was the lost inventory, what they call shrink. shrink is essentially theft. so when you have inventory, you leave your retail without it being paid for, i. echlt, theft. it's a pinch some consumers are feeling and it became a bi

triple and feature rating since at least 1994, another rating agency , moody, continues to rate the us level as the highest, but s&p lowered it yes, there was a plus back in 2011 after the crisis with the ceiling. for a long time what this day is remembered for in history we will tell right now hello august 3, 1812 , a landmark event of the patriotic war took place, two russian armies. the first western under the command of mikhail barclay de toli and the second western under the command of pyotr bagration united near smolensk . thanks to the skill of the military leaders and the courage of the soldiers, the troops of bonaparte managed to pretty much wear out, and the french plan to impose a general battle on the russian army in unfavorable conditions for us was also thwarted. as a result , napoleon would be forced to keep advancing. deep into russia worsening its strategic position. the tactics of luring and exhausting continued to work in favor of the russian army and eventually led to victory, on august 3, 1847. the russian empire entered into a diplomatic agreement with the vatican, the so-called conkardat, t

still to come, banks getting hit with another downgrade and this time with s&p following in moody's footstepsill have confidence in those banks according to the latest survey. ren osfiin nmo othe ndgsext. stay with us. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, wi

s&p 500. a piece of this of course, the banks being downgraded by moody's for a variety of reasons.down 1.8%. it's hard to know exactly what's going on but similar to earlier this year with the svb where there were just fallout, it seems as though investors are indiscriminately selling banks. the vix is popping higher. it looks like the vix might keep going higher. we looked at this chart weeks ago when it was still out of range. this aria of congestion, this is opposite of what we have been looking at an apple. the convergence tells you the sellers are getting tired, the buyers are picking up. august is a month where we have seen real super spikes in volatility. as for the other movers on the day, we are looking at apple. now we have it down for a six day in a row. down 9.4% over that time. the worst stretch of the year having to do with the disappointing growth. the investors don't believe the suggestion that there will be a recovery later this year. this is the biggest week for the s&p 500, the best -- second-biggest for the nasdaq 100. guy: apple down. the market will pay attent

moody's. fitch investors the latest to join s&p which about 11 years ago, 12 cited the downgrade and that was brinkmanship that kept government lights on and open. all the chicanery that preceded it, they've got to get their act together. we got to get our act together but we are not. hence one level below aaa. or aaa, watching -- edward lawrence, what do you make of this, what happens now? how are you, my friend? >> doing very well. fitch looked at this and said how close we've come to the debt ceiling. they also looked at the economic situation out for the next three years and made the downgrade decision. was immediately a biden administration official -- what analysts see is spending up, interest rates up and federal debt rising at an alarming rate. >> this is a warning to investors we are in the largest debt bubble of our lifetime, not just in our government which is spending recklessly but corporations and consumers. the problem is this debt is being financed at rates that are a 20 year highs. something has to give. >> this is political. biden campaign spokesman telling us the trump down

bloomberg data, the usa had the highest rating since 1994, another moody agency continues to evaluate their level as three fields, but s&p downgraded its rating to w + back in 2011 after the crisis with the ceiling of the state debt and the united aircraft manufacturing the corporation plans to increase the production of ms-21 aircraft from six to 36 units per year should achieve such results in 4 years , the corporation noted that the contracts for the ms-21 and the superjet have already been signed. this was the news of the economy in short. now footage from turkey where in the city of bursa several garment factories are burning , this is in the north-west.

according to bloomberg the us had the highest rating since 1994, another moody agency continues to evaluate their level as three fields , but s&p downgraded its rating to w+ back in 2011 after the crisis with the state debt ceiling and the united aircraft corporation plans to increase the production of ms-21 aircraft from six to 36 units per year. this was reported in the superjet company, they want to produce 20 pieces and the same number of tu-214s. ox should achieve such results in 4 years , the corporation noted that the contracts for ms-21 and superjet have already been signed. this was the news of the economy in short. but now footage from turkey where in the city of bursa several clothing factories are burning. this is in the north-west of the country near istanbul on the shores of the marble sea, as reportedly, a fire broke out yesterday at one of the textile enterprises and in a few hours the fire engulfed several textile enterprises for extinguishing involved aviation. including several helicopters and aircraft, two aircraft for several hours with the help of aviation. they tried to stop the plans, but by this time

features rating, since at least the ninety-fourth year, another rating agency moody continues to rate the us level as the highest, while sowngraded it to double and plus back in 2011 after the crisis with the ceiling. public debt in all regions of russia will appear in the support center, talented children about this said mikhail mishustin at a meeting with schoolchildren winners of international olympiads. what advice did the prime minister give varvara nevskaya heard and that 16 gold and three silver medals, the result of the participation of russian schoolchildren in international olympiads can be called brilliant without too much modesty, despite the fierce competition, the need to compete under the neutral flag of the difficulty of traveling through the host country and remote participation in the mathematics olympiad . they confidently took their gold and silver victory, as i said, has a very of great importance for russia. they strengthen its authority, both in education and in science , and our president said that our country's success is made up of the success of each individual person who lives there and, of co

features, at least since the ninety-fourth year, another rating agency moody continues to rate the level of the states as the highest, but ss back in 2011 after the crisis with the ceiling. as a very young man, he joined the ukrainian galician army. there of them trained scouts saboteurs. and, of course, monsters, the holocaust in lviv was organized by the ukrainians, 6 thousand people were killed by bandera. western intelligence services kept used in anti-soviet activities. the russian army successfully repelled 17 attacks by the entire zelensky formation lost more than 900 soldiers, officers and mercenaries, three tanks and 14 other armored vehicles were destroyed, as well as over 30 self-propelled howitzer missile systems, including american and polish and the situation on the front line aleksey baranov

among the names downgraded by moody's, webster financial, down about 2.5% capital one and citizen's financial, those stocks down 1% to 3%. even the s00 regional bank etf is down 2.5% as well, right now. so watch the fallout from that moody's report and kelly mentioned the two really bright spots in the market today come from drugmakers eli lilly and nova eli lilly with a better forecast these both make drugs that treat diabetes, weight loss. with novo, their drug could reduce the risk of heart attack or stroke by 20%, better than expected eli lilly has a drug, a diabetes related meld case, that is getting approval right now for possibly using in weight loss down the line. so watch these two i'll show you one more chart, kelly. the two of these guys, up 42% for lily novo, up 40% both get gold stars because both hit record highs on that craze over obesity drugs >> more later on that. >>> now to that blockbuster news from moody's, out with a big warning about capital and liquidity for larger u.s. banks. that has led to private lenders to step in to fill the void. don peebles just told us how this works >> the competitors in this proce

moody as one a no confidence. those impala events which he faced over the s like violence in the country state of 90 per the conflicts broke housing may between 2 ethnic groups and continued through the summer. it is reached a law many levels of violence with reported rate from both things on the headings. i meant the classes in v as police lawyers to campaigns to collect the personal information off citizens from northeast states. we're living in new delhi, according to the offices, they moved names to secure northeast and communities in the capital for safety, security, and better policing. the daily special police unit for northeastern region is collecting data of people from ne states. well, doc piece and gord costs of dodge of lead the reside and in delhi, the data collection will be conducted using a google phone with debbie police assuring that will be limited to internal police use only. we discussed the basic ground earlier with a panel of tests as we go forward. imagine there is no code going to come up with a new data protection though. it's really nice if appropriate, checks and balances can be completely

moody's downgrades 10 smaller lenders. they did finish off session lows, the s&p 500 lost more than 1% at one point and it recouped half of the losses. we had a haven demand not to mention moves despite the fact we are bracing for the $100 billion wave of options but have to be digested this week. take a look at crude prices down .2% after gaining ground in the new york session. we heard from the ukrainian president talking about retaliation and russia continues to block the reports. it's all about the after our session. look at the bank because we are looking at huge losses. that overshadowed better than expected outlook for earnings that had seen the stock rally earlier on. supply chain disruption said ease, but they expect heavy losses to continue as a boost production and we work plunging. doubt about their ability to continue operating. they are citing sustained losses and canceled memberships. also coupon the retailer posting their fourth straight quarterly profit after investments in logistics and membership programs. >> here's a story we are watching clo

david says while the white house and others are up in arms, the move by fitch was justified, and s&p and moody'she's also a founding member of the federal fiscal sustainability foundation. what was your title at the peterson foundation, too, david? you've been -- >> i was -- i was the original ceo, joe, and thanks for the opportunity to be back with you. >> yeah. this is not new for you. i've kidded you in the past that whatever you're doing, you need to do more of it or do it harder it's just gotten worse, and this is with you -- with you pulling your hair out, your hair on fire for 20 years, isn't it worse it's ever been >> it is let me give you a few numbers, in fiscal 2000 when i was comptroller general of the united states, since then the total liabilities and unfunded promises for the u.s. have gone up six times to over $125 trillion. the debt subject to the debt limit has gone up six times to over $33 trillion. the debt as a percentage of the economy has more than doubled, and it's scheduled to get much, much worse i'm actually calling for two things, joe. i'm calling for a constitutional

the s&p lost 19, closing just under 4500. the trigger was moody'sf 10 regional banks last night. the financial services company warned it is also reviewing six larger banks for possible downgrade. today it led to a selloff of bank stocks which spread to the larger stock market. dan: americans credit card debt has hit a record high, surpassing a trillion dollars. lending tree said what is driving credit card debt is the overall cost of living. a date is now set for the opening of ikea's new store in downtown san francisco on wednesday, august 1 third. the stores on market and by 5th street, it is 52,000 square feet of swedish inspired furniture and decor. the stores opening comes amid a flurry of retailers leaving downtown san francisco. the mayor posted, the arrival of ikea is great news for the city's economic recovery. it will bring local jobs and excitement to the union square area. ama: it's a strike by a strike by san jose city workers imminent? we will show you the effort to avoid it and keep people on the job. >> a couple uses their homeowner

what does it do to the s&p and moodys and everybody else?sure on us to do this now? as we said at the top, these are private companies. these are private companies, effectively analysts who work with these companies, who make these decisions. and so you explain the economics of their business and the incentive structure of their business to make these decisions and calls. >> like any institution, businesses are based on trust and credibility. we have seen several banks vying for their own credibility. credibility can be lost very quickly, especially with a big miss such as missing a financial crisis they're vying for credibility. i actually think it could damage some of the other agencies' credibility were they to dump on this bandwagon we talk about fomo in markets and investors. this will look like fomo, me tooism getting on the bandwagon. there has to be a fundamental basis for this if other agencies can find that, great. i think less of a problem now, the can has been kicked down the road we have some other concerns which is around the e

we saw the s&p echoing some of the same sentiments we saw from moody's and fitch and the idea the higher rates are having an impact on both sides of the balance sheets for the banks. particularly this idea of the deposit shift into higher yielding assets. while it may not be taking the wind out of the sails for tech, it's certainly at least in recent days, it's certainly having it for these banks. >> you mentioned deposit flight risk which has already been an overhang. the paper losses doesn't help. the cyclical impact. we're seeing the idea of are we going to have to start worrying about credit? to me it's not so much, hey, if we grow at 4% real, we can deal with these yields. is it going to be fast and slow or a print and then a stumble because the economy is going to have to have a hiccup at some point down the road. i think that's the big question in the mix. when it comes to nvidia, tesla, we're not talking about some kind of cfa exam algebra. we know what the 20-year cash flows are going to be and we're going to discount them back at the risk-free rate. they believe these are magic

s&p over a decade ago. too much debt, excessive spending, . moody's still has us as a triple a.conomic hill at least for now. maria: this doesn't impact how much capital the bank has to hold, doesn't look like it has much of an impact as the stock market continues rallying. i want to take your -- get your take on what's going on in these markets because we saw this huge move from october to now and maybe the new month started with a little upset and i want to know what you think for the rest of the year. citigroup is raising the year end target for the s&p 500, they're now to 4.6 thousand points on higher chances of a soft landing, kevin. your thoughts on this market year-to-date and whether or not we see a repeat second half. >> where we stand right now with the s&p up 20%, the nasdaq up over 37%, horrible way -- you know who is taking notice? retail investors. the same investors that had cash sitting on the sidelines or parked in short-term cds are looking to go back into the market again. that could push the markets higher. to me, for the markets to move higher from this poin

looks like the dow jones industrials, s&p, and nasdaq will close lower but well off the worst parts of the session. [closing bell rings] moody'st you never know what happens tomorrow. that is why you have to into "the claman countdown." see you tomorrow. ♪ larry: welcome to "kudlow," i'm larry kudlow. all right, "bidenomics" is a ploy to destroy american emergency, all right? that is

s&p some 11 years ago. but it is now a split rating. moody still has the u.s. at a aaa rating and a stable rating, as well. i think the implications on debt marketing are that great right now. psychologically, it makes everyone start to question, how strong is this economy right now? if the fed continues to raise interest ratesin the face of it, not only will it make it cost more for the u.s. government to service their debt, but what about the consumer that but $180 billion on their credit cards last year, that are now facing credit card interest rates of 21%. each time they are raised by another 25 basis points. that makes the cost of servicing that that only go higher. the consumer now has to pay off credit card debt as opposed to spend. perhaps we will talk about recession again. >> i don't mean to strain the parallel here, but there is something that reminds me this year of 1987. i'm not suggesting that there is going to be a crash in the market, but you had a market that was rising. you had interest rates that were rising. eventually, the two collided. th

lower tuesday after moody's downgraded ten small and mid-size banks renewing concerns about the health of america's banking system. the dow lost 158 points. the nasdaq was down 110, and the ss have been swiping their credit cards more than ever. the new york federal reserve bank says for the first time credit card debt in this country topped $1 trillion in its second quarter. researchers attribute the $45 billion spike to strong consumer spending and higher prices due to inflation. this as overall household debt loads were largely unchanged. >>> espn has signed a $2 billion sports betting deal with penn entertainment. the ten-year deal includes rebranding a barstool sports book app as espn bet this fall. the new app will be promoted on espn's platforms, and the deal also includes access to espn programming and talent. it comes as sports betting is rising in popularity. it's now legal in 38 states and the district of columbia. >>> and taco bell is celebrating the end of its battle with taco john's over that taco tuesday trademark. the chain will offer free tacos at some locations every tuesday for the next month. then on september 12th, in partnership with doordash the comp

the s&p in 2011 said the same thing moody did, the same concerns from the credit bureaus started in 2011 they are continuing now into 2023 area i believe the s&p has made noises about potentially lowering the credit rating more in the future if we do not get our act together. host: lower than a aa+? guest: that is right. host: what would that mean? guest: more of the same. it is a rising level of risk, in their view, which is why they are lowering the rating a little bit. in the near term, this is probably not a real concern. there will not be a big meltdown in credit markets. this is sort of a warning signal. and it should be taken seriously. this is a signal that it might be on the horizon at some point. it could be decades. this is something the congressional budget office has told congress more than once. when the debt gets high, they raise the risk of real financial issues where they will have to start paying a lot more in interest. right now, we pay $650 billion a year just in interest costs. that is more than we spend on medicaid. it is only going to grow in the direction we are h

hour, our credit rating downgraded by fitch moody's check it out for the banks for the credit worthiness. are we shrugging that off. >> were down .32% for the s0 i would've expected a much more knee-jerk reaction these are serious things but investors seem to be taking the cavalier attitude towards things and it's understandable. when banks are failing who would've thought that the right move at that point in time was not to go to cash and not to get defensive but instead to get aggressive. who would've thought investors tend to have a short-term memory. they remember even when things are falling apart you still want to stay in the market and i think they're working through that right now. stuart: i'm looking at the market and it's taking tomorrow investors are worried about what happens tomorrow with the consumer price index. if it is year on year again of 3.2% that would be inflation up from the previous reading. >> the last room was 3.0, the cleveland fed expected to commit to 3.4 and the next month's data they expect 4.07. we are talking about every acceleration and inflation. we have inflation re-accelerating and we have good economic da

moody's downgrading american banks. if you look to russell 2000 futures it is more stark. they live in the index. we saw the s&p climb yesterday. the sentiment has waned. part of that might be the weaker chinese data. let's check in with asian markets and get over to our reporter in hong kong, charlotte. walk us through the data and the market reaction. >> yes, it is a pretty lackluster morning trading session in china. in asia china's july data came in weaker than expect to. starting with exports we look at the overseas shipments that contracted 14.5% on year as global demand remains week. how significant is that drop? is the worst decline since february 2020. if we break it down by country, shipments and the u.s. down 23% while exports to other key asian markets from south korea to japan took a big hit. for imports, we are looking at china's imports which contracted 12.4% in dollar terms on year and that is way below the estimates of 5.6%. while the falling commodity percent -- prices are reflecting more of the country's weak domestic demand spared asia was among the most hit markets from china's falling de

s&p 500 was down 0.7%. >>> joining me now is justin walters, a professor of public policy at the university of michigan. good to have you with us. >> moody's has the six banks for a critical review. what's your reaction to that move? >> there's not a lot really here. the more important mover, was the ten smaller regional banks they did downgrade. that doesn't matter if for broader economy. the u.s. has thousands of banks. what drove moody's here was people have noticed that interest rates are higher than they used to be. savers are saying, if i want to put my money in the bank, i want interest. that's great for people watching the program. but it's bad for the bottom line of the bank. >> moody's actions sent stocks tumbling, with investors nervous about more banking sector trouble ahead. what needs to happen to calm the waters? markets aren't happy about any of this. >> as you know, we had a big financial turmoil when silicon valley bank went down. a couple others went down. that allowed the feds to take a close look at things. the fed has declared the banking system overall to be stable. they're the countries looking at these closely. the

was supposed moody company to come by was the decisions of net so for many african people because his normal representing the applicant people are truly it is a for a organization the u. s. on escape though, for new years, co blaming russian propaganda for spreading false information and sparking revolutions across africa for several years. now, legend reports in sebastian has been fuel in the schools with this false propaganda and profiting from the installation of this military regime. so with this private, malicious, which plans of the wealth of the region usually you know, just of god we up to the domain and me dominated by the western media cycle. so we just didn't need that side of the media video cycle. but the fact that we have a big deal of media channels. so showing me the tip top in order platforms like troy dial like auditing, given it kind of miserables, that is completely disappointing from demands to him. that is not usually meant to be one way that some of the shows will use to justify the policy that it shows the line. we don't want the invitations is due for them or the new, the discoveries. oh, i don't want them to work on that. but it's like, i know

moody's" downgraded credit ratings for 10 smaller and mid-sized banks. the dow jones industrial average lost 158 points to close at 35,314. the nasdaq fell 110 points. the s 500 slipped 19. still to come on the "newshour," ukraine continues its counteroffensive against russia but progress remains slow and casualties continue to mount . questions mount about the lack of consequences for covid misinformation that led to injury and death award-winning author james mcbride discusses the themes of race, religion, and personal history in his new novel plus much more. >> this is the pbs newshour from weta studios in washington and in the west from the walter cronkite school of journalism at arizona state university. amna: president biden headed to arizona today where he made an historic announcement, designating some million acres of land around the grand canyon as a national monument, protected by the government. pres. biden: by creating this monument, we're setting aside new spaces for families to hike, bike, hunt, fish, and camp, growing a tourism economy that already accounts for 11% of all arizona jobs. folks, preserving these lands is good, not only for ar

irgin and echo star ceo >>> a day after s&p and nasdaq broke the four-day losing streak, stocks back in the red financials in focus among laggards after moody's talking about interest rate and asset liability risk. >> what's incredible is we just went through the quarters. with the exception of, honestly, key, the quarters were good. a lot of them had inflows. people thought there would be outflows david, when you see these kinds of downgrades, don't you see -- >> yes, yes, yes. >> good, good, good. done, done, done move on, move on, move on. >> you can't pay for this kind of analysis. >> no, you really can't. >> it's important because financials represent a huge part of the market, and if we're going to have blending, we can't have as much lending that's kind of what we're saying my problem with it is it doesn't jive with the facts. it was entirely possible, entirely possible we could have been in a situation where all these banks did poorly let's say jpmorgan, bank of america, goldman sachs, citi -- leaving out citi because i wasn't sure about citi, fams fargo, all better than expected. >> talking about m and t's here. >> zion was good, sch