During New York trading hours, there was a significant shift in all indices that countered the gains seen on Monday. S&P Global Ratings downgraded five U.S. regional banks and revised the outlook for two other banks, causing apprehension among market participants. This move was largely influenced by hawkish rhetoric from the Federal Reserve. Thomas Barkin, President of the Richmond Fed, highlighted the situation and suggested that if inflation remains high and demand remains strong, a stricter monetary policy may be necessary. Meanwhile, Nvidia Corp. initially reached new all-time highs but quickly reversed course. The company is set to disclose its earnings after the market closes on Wednesday.