Mortgage Rates Surge After Moody's Downgrade of U.S. Credit

Mortgage rates jumped above 7% after Moody's downgraded U.S. credit from AAA to Aa1.

Moody’s Ratings Downgrade of US Banks

Moody’s Ratings cut deposit ratings for major banks like Bank of America and JPMorgan Chase due to US downgrade, citing weakened government support. The downgrade of the US government’s rating indicates less ability to support highly-rated obligations.

Tesla Stock Downgrade by Wells Fargo Analyst

Tesla stock hits 10-month low as Wells Fargo analyst downgrades it due to flat business in EU and China, and declining U.S. business. Despite recent underperformance, Wedbush analyst believes negative sentiment is exaggerated and predicts sales and profitability improvement in coming quarters.