"Stock Market Slumps as Big Bank Stocks Take a Hit: Dow and Nasdaq Close Lower"

U.S. stock indexes closed lower as Moody's lowered credit ratings for several banks, renewing concerns about the health of the banking system. Regional bank shares, including KeyCorp and Comerica, performed poorly, dragging down financial stocks in the S&P 500. Bank of America, JPMorgan Chase, and Citigroup also declined. Chinese data showing a significant drop in exports and United Parcel Service lowering its financial outlook added to the cautious sentiment. Government bond prices climbed, pushing yields down, while Eli Lilly's strong earnings boosted the S&P 500. International Flavors & Fragrances, however, saw a significant drop in sales forecast, leading to a decline in its shares. Chinese and European indexes also closed lower.