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

Comments
Loading...

Bank of America Corp BAC and Wells Fargo & Co WFC shares are trading lower Tuesday afternoon. Shares of banking and financial services stocks are trading lower after a Fitch analyst said Fitch could downgrade additional lenders.

When a prominent credit rating agency like Fitch suggests potential downgrades for lenders, it raises concerns about the financial health of the banking sector as a whole. This can trigger negative sentiment among investors, leading to selling pressure on stocks across the sector, including Bank of America and Wells Fargo.

The possibility of downgrades also indicates increased credit risk for financial institutions. Investors may worry about the impact of potential downgrades on the lenders' borrowing costs, profitability, and overall business operations. This risk perception can lead to investors reassessing their positions and divesting from these stocks.

See Also: China's Central Bank Takes Surprising Step As Economy Falters

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
BAC Logo
BACBank of America Corp
$39.73-4.04%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum76.40
Growth68.66
Quality19.49
Value-
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In: