Markets Now

Stocks tumble as Moody's warns it could cut credit ratings of 6 big US banks

Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade, sending stocks tumbling as investors worried about more banking sector pain ahead.  
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Here's what CEOs are saying about consumer spending

Consumer resilience has helped keep the economy strong through the Federal Reserve’s interest rate hiking cycle. But is that strength holding, or is it faltering?  
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UPS says its profit will fall after it reaches a Teamsters deal

UPS’s tentative labor deal with the Teamsters hasn’t even taken effect yet. But it has already taken a bite out of its earnings and revenue, as both fell in the second quarter ahead of the deal being reached.  
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Italy slaps 40% one-off windfall tax on its banks

Italy dealt a surprise blow to its banks and sent shockwaves across the sector in Europe by setting a one-off 40% tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward depositors.  
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Taylor Swift friendship bracelet trend has Etsy shop owners cashing in

Jamie Thompkins works full-time as an events manager in Oklahoma City, Oklahoma, but stays up well past midnight to work on her budding side hustle: making friendship bracelets for Taylor Swift concert goers.  
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As drinkers shift to spirits, Molson Coors acquires a bourbon maker

Molson Coors, best known for brewing Coors Light and Miller Lite, is acquiring Blue Run Spirits, a cult favorite high-end bourbon and rye whiskey brand, for an undisclosed price, exclusively told to CNN.  
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Source: CNN Business