What's Going On With Bank Of America (BAC) And Wells Fargo (WFC) Shares

Bank of America Corp BAC and Wells Fargo & Co WFC shares are trading lower Tuesday afternoon. Shares of several bank and financial service stocks are falling after S&P Global Ratings downgraded several regional banks.

Downgrades of multiple regional banks by S&P Global Ratings could signal challenges within the broader banking sector. If several banks in the same sector face credit rating downgrades, it might suggest a sector-wide issue, such as financial instability, economic uncertainty or credit quality concerns.

This sentiment could lead investors to worry about the health of the sector as a whole, including larger banks like Bank of America and Wells Fargo.

What Happened?

S&P Global Ratings has cast a spotlight on the challenges faced by several U.S. regional banks, resulting in a series of downgrades that have reverberated through the financial sector.

According to the renowned rating agency, the Federal Reserve’s tight grip on monetary policy is now putting a strain on the funding, liquidity, and revenue of many U.S. banks. Among the banks affected by the downgrades...Read More

According to data from Benzinga Pro: 

• BAC has a 52-week high of $38.60 and a 52-week low of $26.32
• WFC has a 52-week high of $48.84 and a 52-week low of $35.35