Some more details... New York Community Bancorp’s credit rating downgraded to junk on real estate concerns https://www.cnn.com/2024/02/06/business/moodys-downgrades-new-york-community-bancorp-junk/index.html
Its just a matter of time before FDIC takes it over, maybe this weekend. Looks like the Signature Bank assets they bought were toxic after all.
$BKX KBW index all over the place today. Small gap up, fast drop down to multi-day new low. Now back basically to unchanged.
(Axios) Charted: Regional banks hanging in Data: FactSet; Chart: Axios Visuals Broad indexes tracking the shares of regional banks are showing little sign of a steep selloff at the moment, Matt writes. Why it matters: It means the market appears to be treating the saga of New York Community Bancorp as an isolated event, at least so far. The bottom line: There's no sign of a broad-based flight from smaller bank stocks that we saw after the failure of Silicon Valley Bank back in early 2023. On the other hand, the share prices of regional banks haven't recovered much since the SVB panic and the issues emerging with NYCB aren't helping much.