"Stock Market Dips on Banking and China Concerns"

Stocks slid as concerns about banks and China weighed on the market. Weak Chinese trade data, including a slump in imports and exports, dampened optimism for a global economic recovery. Moody's downgrade of 10 small and midsize US banks, along with a warning about credit ratings for larger lenders, added to the worries. Bank stocks in Europe also tumbled after Italy announced a windfall tax on lenders' profits. Investors are awaiting the July inflation report and more earnings reports for further insights into the state of the economy. In premarket trading, UPS shares fell after cutting revenue and margin forecasts, while Eli Lilly's shares rose after beating profit estimates. Hims & Hers Health saw a surge in shares after upgrading revenue guidance, and AMC Entertainment reported better-than-expected revenue.