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☆ JPMorgan upgrades this regional bank stock with limited exposure to commercial real estate, sees 25% gain
▼ + stars: | 2023-06-05 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

JPMorgan thinks there's a buying opportunity in regional bank Valley National. The bank upgraded Valley National Bancorp to overweight from neutral Monday with a $10 per share price target. Analyst Steven Alexopoulos noted that Valley National's exposure to the commercial real estate market is reasonably below peers which could shield the firm from loan headwinds. Valley National shares have tanked more than 29% in 2023. The stock dropped with the broader regional banking space after the collapse of Silicon Valley Bank and Signature Bank earlier this year.

Persons: Steven Alexopoulos, Alexopoulos, —, Michael Bloom Organizations: JPMorgan, Bancorp, Silicon Valley Bank, Signature Bank Locations: Silicon

☆ Evercore ISI raises market outlook and gives 'Momentum Masters' stocks to play it
▼ + stars: | 2023-06-05 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The S & P 500 could see more upside ahead after breaking out above a key level as artificial intelligence drums up market excitement, according to Evercore ISI. His new target implies the stock market could rally 3.9% from where it finished last week. That puts Emanuel above the median and average S & P 500 targets on Wall Street after previously being right around them. The S & P 500's recent breakout above the 4,200 points is a sign that AI-driven momentum first seen in the technology-heavy Nasdaq Composite is now apparent in the S & P 500. Momentum masters He called this investing landscape a "Momentum Market" that requires more risk management a probabilistic thinking.

Persons: Julian Emanuel, Emanuel, he'll, Russell, —, selloff, Zscaler, BancShares, — CNBC's Michael Bloom Organizations: ISI, American Association of, Investors, Big Tech, Nasdaq, Silicon Valley Bank, Federal Deposit Insurance Company, P Bank ETF, Banking Locations: Silicon

☆ Insider buying in US regional banks at 3-year high as execs look to bolster confidence
▼ + stars: | 2023-06-05 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

June 5 (Reuters) - Regional bank executives buying shares in their own companies hit a three-year high in the United States during the second quarter of 2023 as they rushed to restore investor confidence in their firms following the collapse of Silicon Valley Bank. US Bancorp (USB.N), East West Bancorp (EWBC.O), Zions Bancorp (ZION.O) and SoFi Technologies (SOFI.O) are some of the names from the 244 banks that saw heavy insider buying in the second quarter. The ratio of buyers to sellers in the regional banking sector has also hit a record high in the second quarter of 2023, according to the data. Bank stocks have stabilized in recent weeks, but haven't recovered their March losses. Bank deposits, however, started stabilizing from April.

Persons: Eric Compton, Ben Silverman, haven't, Shubham Batra, Shounak Dasgupta Organizations: Silicon Valley Bank, US Bancorp, East West Bancorp, Zions Bancorp, SoFi Technologies, Morningstar, Company, U.S . Securities, Exchange Commission, Bank, Thomson Locations: United States, Silicon, COVID, VerityData, Bank, Bengaluru

☆ Why it's not that great that everyone is flocking to their online bank
▼ + stars: | 2023-06-03 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Smaller and regional banks are important for the US financial system. "Regional banks have a combination of regional knowledge and expertise that makes lending more efficient," C. Michael Zabel, a former executive at M&T, the Buffalo-based regional bank, told Dealbook in April. Broadly, regional banks are staring down two main headwinds. In the first quarter, Ally Financial and Goldman Sach's Marcus online bank saw them rise, while regional-bank powerhouses like US Bank, Truist Financial, and Citizens Financial saw deposits fall, according to The Wall Street Journal. The pressure on regional banks hasn't abated yet.

Persons: Goldman Sachs's Marcus, Wells, Michael Zabel, Dealbook, They're, Goldman Sach's Marcus, they've, Bankrate's, we'll, Robert Hockett Organizations: Morning, Citibank, bonanza, Bank, Truist, Citizens, Wall Street, Silicon Valley Bank, First, JPMorgan, Western Alliance ., Federal Deposit Insurance Corp, Fed, Bloomberg, Cornell University, CNN Locations: JPMorgan, Wells Fargo, Buffalo, Silicon, First Republic, PacWest, they're, Wall, San Francisco

☆ Inflation, Fed policy back in focus for crypto investors as bitcoin enters summer doldrums
▼ + stars: | 2023-06-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The crypto market leader finished May down 7.9%, according to Coin Metrics, while ether posted a 2% loss. Absent other clear catalysts – such as the U.S. regional bank crisis whose start and end coincided with the crypto rally – price movements in June will probably be determined yet again by inflation, monetary policy and regulatory updates. "Crypto investors will probably follow the economy for clues on where prices go next," said Callie Cox, an analyst at the investment company eToro. "Bitcoin and ether are likely to gather assets from the more speculative crypto currencies that investors have abandoned since the various scandals," she added. Prices, like growth stock valuations, have come down and made the asset more digestible, and interesting, particularly for institutional investors.

Persons: Bitcoin, Crypto, Callie Cox, Sylvia Jablonski, eToro's Cox, Joel Kruger, There's, it's, Defiance's Jablonski Organizations: Fed, Metrics, LMAX, CNBC Locations: Defiance

☆ Here's why the $5 trillion piled up in money market funds might not flow back into the stock market
▼ + stars: | 2023-05-31 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Money market funds have seen a surge of inflows over the past year as interest rates soared. With more than $5 trillion in money market funds, some investors believe those funds will eventually flow back into the stock market. People moving funds from banks getting less than 0.5% to money market funds offering several percent higher is another," NDR said. "Having money in money market funds is one step closer to the stock market than a checking account," NDR said. Money market assets represent just 13% of the US stock market capitalization, compared to 46.9% in February 2009 and 24.0% in February 2003 — two periods when the stock market went on to stage multi-year rallies.

Persons: Ned Davis, — Organizations: Service, Ned Davis Research, Valley Bank, First Republic Bank, NDR, Money

☆ Premarket stocks: The banking crisis isn't over
▼ + stars: | 2023-05-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Amid the US debt ceiling turmoil, a potential recession and the upcoming Fed meeting, Wall Street has a lot on its plate. Even as US lawmakers race to prevent a catastrophic default, the lingering effects of the regional banking crisis have not been completely extinguished. CEO Jamie Dimon said that his company’s emergency intervention had ended the immediate turmoil of the banking crisis. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, is down about 3% so far this month and over 30% lower so far this year. Analysts are concerned that as rates get higher, the borrowing environment becomes tougher for regional banks, hurting their ability to lend.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ”, Janet Yellen, ” Fitch, “, What’s, Goldman Sachs, Joe Biden, Kevin McCarthy, Biden’s, Matt Egan Organizations: CNN Business, Bell, New York CNN, First Republic Bank, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic, Fitch, Governors, Federal Reserve, Banking, PacWest Bancorp, Western Alliance Bancorp, Republican, Treasury Department, CNN, Saudi, Wall Street Journal Locations: New York, Banking, EY, ”, Saudi Arabia, Russia, OPEC, China, Vienna

LONDON, May 31 (Reuters) - U.S. domestic banks reported a widespread tightening of lending standards by the end of the first quarter of 2023 - even before the full impact of the regional banking crisis had been felt. The net percentage of domestic banks tightening standards for commercial and industrial (C&I) loans to small businesses with annual sales below $50 million hit +47% at the end of the first quarter. The net percentage tightening small business C&I standards has risen to levels usually associated with recession, based on past results from the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS). Banks are likely pre-empting a slowdown in the business cycle and increase in unemployment, widely expected since late 2022, which will increase defaults. As the price of credit increases and its availability becomes more restricted, the slowdown in small business and household spending will act as another headwind for the economy.

Persons: Banks, John Kemp, Sharon Singleton Organizations: Federal Reserve, Senior, Bank Lending, Thomson, Reuters Locations: U.S

☆ Asian stocks dip as investors question consequences of US debt deal
▼ + stars: | 2023-05-30 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. The bond market is implying there is an extreme 70% probability on a U.S. recession in the next year. Australian shares (.AXJO) were down 0.11% while the Nikkei stock index (.N225) rose 0.36%, after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. Benchmark 10-year yields dropped 6 basis points during Asian trade to 3.7616% while thirty-year yields fell 6.3 bps to 3.9134%. With the debt deal heading to Congress for approval, JB Were analysts said there could be up to $600 billion worth of bill issuance in the next six to eight weeks.

☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
▼ + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.

☆ Prepare for more stock-market jitters after the debt-ceiling deal, Morgan Stanley warns
▼ + stars: | 2023-05-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The debt-ceiling deal could drive up stock-market uncertainty, according to Morgan Stanley. Investors should brace themselves for a rise in uncertainty in the aftermath of the 11th-hour debt-ceiling compromise, according to Morgan Stanley. Morgan Stanley's Tirupattur said the Treasury would also likely issue a flurry of bills in a bid to raise more cash once a debt-ceiling deal has been voted through Congress. Investors snapping up these short-term bonds could "drain liquidity in the system" for stocks and other assets, Tirupattur wrote. Read more: Wall Street is bracing for stock market chaos as the debt-ceiling face-off drags on

☆ Gold prices dip as U.S. debt deal, rate-hike bets weigh
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices held close to a two-month low on Tuesday as optimism over a U.S. debt ceiling deal and reduced bets for a pause in the Federal Reserve's rate hike policy in June dented the metal's appeal. Spot gold was down 0.2% at $1,938.57 per ounce by 0448 GMT. U.S. President Joe Biden said on Monday he feels good about prospects for passage by Congress of the debt ceiling deal that he reached with House of Representatives Speaker Kevin McCarthy. Having navigated the financial crisis of 2008, Minneapolis Fed President Neel Kashkari worries about systemic risks.

☆ In the Market: Amid the calm, the Fed brews the next storm
▼ + stars: | 2023-05-29 | by ( Paritosh Bansal | ) www.reuters.com time to read: +4 min

Earlier this month, Chairman Jay Powell said the Fed's monetary policy and financial stability tools were "working well together," allowing it to support banks and pursue price stability. But several people in the market believe not only is the regional banking sector still under stress, multiple other risks to financial stability also remain. Tighter monetary policy could well cause them to blow up or worsen the impact of other shocks, such as debt ceiling negotiations. "The Fed has no desire to conduct monetary policy through financial crises," said Wendy Edelberg, director of The Hamilton Project at the Brookings Institution. In its most recent financial stability report earlier this month, the Fed listed several areas of concern, including life insurance and some types of bond and loan funds.

☆ Why does Wall Street expect a rate hike in June?
▼ + stars: | 2023-05-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. Futures traders expected a roughly 66% chance of a quarter point rate hike in June as of Friday afternoon, according to the CME FedWatch Tool. That’s a drastic about-face from even earlier this month, when Wall Street expected the central bank to slash rates multiple times this year starting as early as this summer. “If it comes in hotter than expected, it almost locks a rate hike in” for June, said Heppenstall.

☆ Blackstone, the massive private-equity firm, just wants to be your friendly, neighborhood lender
▼ + stars: | 2023-05-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Your friendly neighborhood lender, BlackstoneWhat's the first thing that pops into your head when you think of a regional bank? Nouriel Roubini, the famed economist known as "Dr. Doom" isn't too optimistic about the future of regional banks. Never one to miss a chance to make money, Blackstone CEO Stephen Schwarzman said his firm can "fill the void" left by regional banks tightening up their lending activity. Regional banks happen to be one of the biggest lenders in commercial real estate. Doom' is feeling bearish on regional banks.

☆ How JPMorgan plans to spend $15 billion this year on technology, including AI development, cyberattacks, and wage inflation
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

It said it plans to spend $15.3 billion on tech this year, up $1 billion from last year. The bank's tech spending is estimated to grow by $1 billion this year to $15.3 billion, including salaries for engineers, stepped-up cybersecurity efforts, and AI innovation. The regional banking crisis, meanwhile, could end up costing it $6 billion, including the cost of First Republic Bank. He did, however, outline the qualities he thinks would make for a good replacement CEO, including grit and courage. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ Premarket stocks: Will the debt ceiling debate finish the Fed's inflation fight?
▼ + stars: | 2023-05-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Over the last 14 months, the Federal Reserve has taken a deliberate and economically painful approach to combating elevated inflation rates through interest rate hikes. The regional banking crisis and a possible debt-ceiling induced default on US debt could change all of that. What’s happening: There are two policy options that the Fed can use to address elevated inflation. For the first quarter, Lowe’s said overall sales fell 5.5% to $22.3 billion. Home Depot missed on first quarter sales and lowered its outlook for the year after customers slowed their spending.

Persons: shouldn’t, ”, Laurence Ball, Edward Boehne, Jerome Powell, Ben Bernanke, Powell, Ball, there’s, Austan Goolsbee, “, Julian Brigden, Bernanke, ” Bernanke, Olivier Blanchard, Bryan Mena, Blanchard, David Goldman, Parija, Lowe’s Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Johns Hopkins University, ” Former Philadelphia Fed, Fed, Valley Bank, Signature Bank, Federal Reserve Bank of Chicago, Yahoo Finance, Partners, International Monetary Fund, Brookings Institution, Target, Walmart, Home Depot Locations: New York, ”, Washington ,, America, California

☆ JPMorgan just unleashed hundreds of slides to investors. Here are 11 key graphs that lay out its strategy for managing rising costs, lower M&A, and its purchase of First Republic.
▼ + stars: | 2023-05-22 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

One bright spot is First Republic Bank, which will boost net income interest by $3B this year. A tray of First Republic chocolate cookies served at JPMorgan's Investor Day Hayley CuccinelloOne bright spot was the bank's acquisition of First Republic Bank earlier this month. While the investment will increase the bank's costs by as much as $3.5 billion, the bank is already seeing the deal pay off. JPMorgan expects, for example, to generate $84 billion in net interest income this year, including $3 billion from the San Francisco bank. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ BlackRock moves from 'overweight' to 'neutral' on credit
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] People are seen in front of a showroom that hosts BlackRock in Davos, Switzerland Januar 22, 2020. REUTERS/Arnd WiegmannMay 22 (Reuters) - BlackRock Investment Institute on Monday said it was moving from "overweight" to "neutral" on credit, saying yields are not enough to compensate investors for tightening credit conditions. In a research note, it also said it was moving from "underweight" to "neutral" on private markets following recent weakness in the U.S. regional banking industry. "The fallout from the banking sector troubles and further tightening of credit conditions adds to the pressure on public credit but could be a potential boon for private credit," the investment management company said. The BlackRock Investment Institute is an arm of U.S.-based investment firm BlackRock that provides proprietary investment research.

"With loan terms tougher and tighter, the option for private credit providers is on steroids," said Drew Schardt, head of investment strategy at Hamilton Lane, one of the largest investment firms in private markets. Pietrzak sees "attractive" assets in auto and consumer lending. POISED TO GAIN SHAREInvestors providing private credit comprise 12% of the $6.3 trillion U.S. commercial credit market, according to Fitch Ratings. "The tightening of lending standards creates opportunities for private credit to gain share," said Lyle Margolis, Fitch's head of private credit. While private credit funds have grown swiftly, the risks they pose to the financial system appear limited, the Federal Reserve wrote in a report this month.

☆ JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover
▼ + stars: | 2023-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase raised a key performance target on the heels of its government-brokered takeover of First Republic earlier this month. The bank will generate about $84 billion in net interest income this year, the New York-based bank said Monday in slides for an all-day investor presentation. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan's biggest earnings-day stock bump in 20 years. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors. Longtime JPMorgan CEO Jamie Dimon is expected to speak in a question-and-answer session at the investor day this afternoon.

☆ BNY expands short-term investment options as investors chase yields
▼ + stars: | 2023-05-22 | by ( Laura Matthews | ) www.reuters.com time to read: +2 min

NEW YORK, May 22 (Reuters) - BNY Mellon is expanding its offering of short-term investment products as investors chase higher yields, the bank announced on Monday. The bank is now offering access to mutual funds, interest-bearing deposits and sponsored cleared repurchase agreement sweep products through its LiquidityDirect platform, a portal for institutional investors. BNY currently oversees $1.3 trillion of cash investments across deposits, money market funds and other instruments. Cash management is quickly becoming a top priority for finance executives as some regional banks, a key source of market liquidity, undergo stress as rates rise. LiquidityDirect saw a 16% increase in money-market funds flows in mid-March, BNY data showed.

☆ Insiders are loading up on regional bank stocks in a big way, Raymond James analysis shows
▼ + stars: | 2023-05-22 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Insiders are snapping up regional bank stocks following the crisis in the sector, according to a Raymond James analysis. During the period between March 10 and May 15, shares purchases totaled 2.3 million shares, while shares sold reached 335,000 shares. Since the first quarter of 2005 to the first quarter of 2023, only seven quarters notched positive net insider transactions. It's also the greatest number of net insider transactions since the end of 2009. Raymond James recently reiterated an outperform rating on the stock, citing its rising earnings power, though it also lowered its price target to $26.

☆ Wall St slips on debt ceiling uncertainty
▼ + stars: | 2023-05-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. For the week, the Dow gained 0.38%, the S&P 500 climbed 1.65% and the Nasdaq advanced 3.04%. The S&P 500 and Nasdaq notched their biggest weekly percentage gains since the final week of March. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 87 new lows.

☆ Wall St retreats on debt ceiling jitters
▼ + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.

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