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To get the latest markets news check out finance.yahoo.com
Stocks slumped Thursday morning as markets digested the latest interest rate hike from the Federal Reserve and more pressure on the regional banking sector ahead of a highly anticipated earnings release from Apple (AAPL).
The S&P 500 (^GSPC) fell 0.68% at 11:30 AM ET, while the Dow Jones Industrial Average (^DJI) lost more than 300 points, or 1.06%. The technology-heavy Nasdaq Composite (^IXIC) was down 0.34%.
Shares of regional bank PacWest (PACW) tumbled as much as 60% Thursday morning after Bloomberg reported it was considering strategic options including a sale. The bank said in a statement that it "will continue to evaluate all options to maximize shareholder value."
Other regional banks followed PacWest lower. Western Alliance (WAL) was down nearly 40% as the Financial Times reported Western Alliance is exploring a potential sale. Western Alliance in a statement called the report "categorically false in all respects," adding that the bank is "not exploring a sale, nor has it hired an advisor to explore strategic options."
Meanwhile, Zions (ZION) fell about 10% as the reports weighed on the sector.
The KBW regional bank index (KRX) fell as much as 5% on Thursday, hitting its lowest level since September 2020.
The moves came a day after Federal Reserve Chair Jerome Powell said JPMorgan’s purchase of First Republic on Monday was “an important step toward drawing a line under that period of severe stress." The stock declines underscore a disconnect between gloomy investor sentiment surrounding regional banks and the optimism that the crisis is over expressed by big names in Washington and on Wall Street.
To get the latest markets news check out finance.yahoo.com
Stocks slumped Thursday morning as markets digested the latest interest rate hike from the Federal Reserve and more pressure on the regional banking sector ahead of a highly anticipated earnings release from Apple (AAPL).
The S&P 500 (^GSPC) fell 0.68% at 11:30 AM ET, while the Dow Jones Industrial Average (^DJI) lost more than 300 points, or 1.06%. The technology-heavy Nasdaq Composite (^IXIC) was down 0.34%.
Shares of regional bank PacWest (PACW) tumbled as much as 60% Thursday morning after Bloomberg reported it was considering strategic options including a sale. The bank said in a statement that it "will continue to evaluate all options to maximize shareholder value."
Other regional banks followed PacWest lower. Western Alliance (WAL) was down nearly 40% as the Financial Times reported Western Alliance is exploring a potential sale. Western Alliance in a statement called the report "categorically false in all respects," adding that the bank is "not exploring a sale, nor has it hired an advisor to explore strategic options."
Meanwhile, Zions (ZION) fell about 10% as the reports weighed on the sector.
The KBW regional bank index (KRX) fell as much as 5% on Thursday, hitting its lowest level since September 2020.
The moves came a day after Federal Reserve Chair Jerome Powell said JPMorgan’s purchase of First Republic on Monday was “an important step toward drawing a line under that period of severe stress." The stock declines underscore a disconnect between gloomy investor sentiment surrounding regional banks and the optimism that the crisis is over expressed by big names in Washington and on Wall Street.