downgrading the credit rating on several small and medium—sized us banks, including mnt bank and pinnacle financiald flags raised by the ratings agency included a potential recession, as well as problems tied to the commercial real estate sector. as one analyst put it, any doubts about regional banking is bad for market sentiment. that wasn't helped by data from new york federal reserve, which showed that for the first time, americans owed more than $1 trillion on their credit cards. traders have also been focused on corporate results, which so far have been better—than—expected. that was true for lyft, which reported results after the us market closed. uber�*s small arrival is forecasting higher revenue in the third quarter based in part on a post—pandemic rebound in ridesharing. meanwhile, electric vehicle maker rivium posted a narrower lost than expeted and raised its production guidance for the full year. meanwhile, nine companies including wells fargo have been find over half $1 billion because of their employees use of personal messaging apps. according to the us securities and exchange commi

. >> cut the credit ratings by one notch on these ten banks including pinnacle financial, prosperity.hey are smaller to midsize banks and warned they might cut ratings on these six bigger lenders. u.s. bancorp, state street, truest financial. why? slowing probability and office space exposure. work from home, less demand for commercial real estate moody's says mild recession early next year end the big picture for the banks is tighter credit standards, weaker loan demand, and economy slowing down. stuart: david is with us this morning. you know like this credit down right watch. the reason the market is on this morning. >> the nasdaq futures are down more than the futures, note these agnostic, these are small regional banks. truest is about 16, 17% higher than two months ago. i think the rating agencies are so over-the-top, how late they are reporting march news. stuart: the moody's story is not the primary reason for the stock selloff. >> definitely not nothing more than the fact that mark is a 400 points yesterday, down last week and volatile moment because the market is at a good e

downgrading the credit rating on several small and medium—sized us banks, including mmt bank and pinnacle financialial recession as well as problems tied to the commercial real estate sector. 0ne analyst said any doubts about regional banking is bad for market sentiment. that wasn't held by data from new york federal reserve which showed that for the first time americans owed more than $1 trillion on their credit cards. traders have also been focused on corporate results, which so far have been better than expected. that was true for coming lift that water result after the us market closed. they are forecasting higher revenue in the third quarter based in part on a post pandemic rebound in ride sharing. meanwhile, electric fields maker posted a narrower loss than expected and raised its production guidance for the full year. in its production guidance for the full ear. ., , , ,, full year. in other business today- -- — the uk's top financial watchdog will write to banks today, asking for details on how and when they choose to dump their customers. the government has ordered a review in to so—called

this is already the pinnacle of financial planning, so to speak, then i think that the fruits of uh,selves waiting including and just even there is not necessarily there uh, parents must be poor old age. well, you just see that your child is happy, that he does not need. he 's found, uh, something he loves and knows how to manage money. don't litter. you are this. it's already worth a lot. it's already calm. thank you very much anna thank you very much very interesting conversation. thank you hello dear friends in the year 79 crocodile magazine has been printed. such a joke. the boy approaches his father for his hair, who carelessly strum on the guitar asks dad. and what will you be when you grow up gentlemen? this resurrection group is today 45 years of the lord, look how you have grown and look at yourself, dear friends. i'm convinced that my generation will now come to the screens and let's remember what happened, when the trees were big group resurrection and then all the talk that you 're tired. and your house became lonely and empty outside your window we are a dead light and s

this is already the pinnacle of financial planning, so to speak , then i think that the fruits, er, theyt necessarily there, er, parents must be poor in old age. well, they just see that your child is happy, that he doesn't need what he has found. eh, he likes his business and knows how to manage money. don't litter. you are this. this is already worth a lot. this is peace for the sake of life. thank you very much anna thank you very much interesting conversation. thank you dear fellow passengers, we welcome you back to our flight in a podcast. everyone wants to fly the flight is going well today in the cockpit of our liner. i monitor the pilot leonid yakubovich for the sake of god, i beg your pardon, we allow ourselves a small violation. this unspoken rule is not usually accepted, it is not supposed that in the cockpit the left and right pilots should be well acquainted with the good old comrades. there is an unspoken rule. i deliberately violate it today today in the cockpit of our liner i monitor leonid yakubovich well, we are gaining altitude on wine, we have already taken it. i know

lenders warning the credit will likely be tested by funding risk among the names, m&t and pinnacle and bach financial. >>> the data regulator is gathering information on snapchat to see if it is doing enough to remove underage users. if they are in violation of the rules, it could face a fine up to 4% of the annual global revenue which would with each wall 1$184 million frank. >>> now looking at futures. pointing to a lower open with key inflation data this week acknoan the final stretch of the latest information this week. it has led to 53.5 billion losses in july and $175 billion losses this year this is adding to the names like coinbase and nvidia. those are the least profitable short sales of the month let's talk about this with the partner at the wall street alliance group. >> great to be with you, frank >> we will show you $53.5 billion in july. short covering is a factor in the market it is one factor do you see short coverings continuing to the upside or down si side >> that is one of the phenomena happens when people have a fear of missing out on the market we do think in the short term the

and, by the way, it wasn't just names like m and t, pinnacle, blk, you've got outlooks that have been change to negative. capital one, citizens financial, fifth third9 and the banks under review get a little bit bigger, bny mellon, bancorp, state street, northern trust, truest. does this concern you, that there might be some type of contagion? >> it doesn't. i think this is a bit overblown. to be honest with you, i hear the comments made and i look at what happened with the two banks so far that have been in serious trouble, i would leave first republic out of it, that's a much better bank. to me, the default cycle is only slightly up, it's very small. even credit card debt only slightly up. so i'm not in the camp that there's as much stress as is made out to be. liz: well, the markets are kind of running scared here. if you look at the treasury markets, we watched a bit of a flight to quality. if you look at what's going on with the 10-year, the 2-year, and we've got a whole bunch of options this week, is that something more than a flight to quality or flight to safety? >> no, it's an incremental increase in painful if i mean -- in pa

financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interested in planting trees. everybody showed up except for the boss, who was nowhere to be found, but nobody was really planting trees. they were catching up on gossip, nobody was planting trees. then the boss shows up, an

financial institutions of the really elite. it's of the top harvard students like you are, that the pinnacle that's what you aim for for better ororse. gorgeous and i would like to have been better one of things been good at is getting myself into a protective court orders of elite america than that of the last 15 years. there are better skills one can have but it turns out that was a skill on accident or on purpose i happen to have repeatedly practice. i did that to the summer of 2006 include as a student at harvard took an internship at goldman sach's. there was something i learned about summerom but it is not the thing i expected more i thought i would learn about evaluating companies. the disappointed part about the summer i did not learnt very muh aboutt that. however i did learn a lot about how to aggregate power but how to aggregate power in a way that was not actually to the aggregation of power. one of the ways to do goldman sach's and hallmark event that summer which was service day. you, go to harlem and plant tres thing i noticed him shut up in harlem no one was interested in planting trees everyone showed up except

pinnacle putting major lenders on review. that regional bank index, the kre on pace for the worst day since may. we'll watch this, one of the big stories of the morning. >> we'll stick with financials because big banks aren't lending like they used to. that's the takeaway from a brand-new piece from our next guest calling on regulators to pay attention to the risks with shrinking consumer loan balances joining us on set, meredith whitney of whitney advisory group, founder/ceo thank you for coming in, meredith it's good to see you again this is your bailiwick, this is what you're know for, the analysis around banks. what did you find when you dove into the lending >> i took a big step back and looked at bank balance sheets over the last 10, 15 years they've transformed. you also see which banks have had clear strategies and which banks have muddled their way through. what you see is the banks really good gobsmacked when regulators put the screws on. they needed to delever what's happened is their concentration, their market share of consumer lending has collapsed from 16% in 2012 down to 10% so, three of the four -- three out of the four big banks have shrunk their consumer lending