Early Update – Banks Very Ugly, S&P 1% From Measured Move

11:00 a.m. ET Since the A.M. Update, the trade deficit narrowed to $65.5 billion in June (consensus -$65.1 billion) from an upwardly revised $68.3 billion (from -$69.0 billion) in May, as exports were $0.3 billion less than May exports and imports were $3.1 billion less than May imports. The takeaway from the report is the…