Today on American Morning, Christine Romans reports on the morning business news headlines.
This morning, we're watching:
* The top 6 largest banks in America - JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo - were all downgraded by ratings agency Standard and Poor's late last night. S&P says the new ratings are based on a new evaluation of the banks' strengths and weaknesses.
* Right now, U.S. stock futures are surging. We're just reporting now that world banks are now taking steps to support the global financial system. More news throughout the day.
* The Federal Reserve officials are warning the global economy is still facing critical challenges like Europe's debt crisis and America's housing market.
* The Federal Communications Commission is slamming AT&T, saying it presented flawed information about its proposed merger with T-Mobile.
* Facebook is settling with the feds over allegations it failed to protect members' private information. The social network has agreed to go through a privacy audit every two years for the next 20 years.
* You could soon own a piece of the Empire State Building. The folks that own the New York City landmark have reportedly filed papers to create a publicly traded company that would allow people to invest in the world famous skyscraper and other new york properties.
Tune in to American Morning at 6am Eastern every day for the latest in business news.