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Equal Employment Opportunity Commission (EEOC), which on Tuesday accused the largest U.S. retailer of illegally firing a North Carolina deli worker with Crohn's disease. According to a complaint filed in the Charlotte, North Carolina federal court, Walmart did not excuse several absences though Tucker provided doctor's notes, and rejected her requests for periodic leave or a transfer to a job nearer the bathroom. Crohn's disease is an chronic bowel disease that causes inflammation in the digestive tract, and can lead to diarrhea, abdominal pain, fatigue and weight loss. Tucker was a long-term employee who needed "flexibility" from Walmart because of her debilitating health condition, EEOC lawyer Melinda Dugas said in a statement. The case is EEOC v Wal-Mart Stores East LP, U.S. District Court, Western District of North Carolina, No.

☆ U.S. mid-tier lenders shares rise in Frankfurt after SVB deal
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 27 (Reuters) - The Frankfurt-listed shares of several mid-tier U.S. lenders rose sharply on Monday, after a buyer emerged for large chunks of embattled Silicon Valley Bank's deposits and loans, which helped inject some much-needed calm into fragile markets. Shares in Pacific West Bancorp surged 16% in thin volumes in Frankfurt, while those in First Republic rose 7%. Frankfurt-listed shares of First Citizens were indicated 7.4% higher. Shares in Keycorp (KEY.N), , Western Alliance (WAL.N), and Zions (ZION.O) were indicated between 3.6% and 8% higher, although no trading volume had gone through by 0700 GMT, according to Refinitiv data. Reporting by Joice Alves; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge higher as SVB deal soothes bank fears
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.31%, S&P 0.34%, Nasdaq 0.17%March 27 (Reuters) - U.S. stock index futures edged higher on Monday after a buyout deal for failed Silicon Valley Bank's deposits and loans helped soothe some jitters around severe stress in the banking sector. First Citizens BancShares Inc (FCNCA.O) said on Monday it will acquire parts of Silicon Valley Bank (SIVB.O), the collapse of which earlier this month marked the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector. Other regional banks Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O) also climbed 5.4% and 9.2%, respectively. Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 0.8% and 1.4%. While the Silicon Valley Bank deal has helped instill some confidence in the banking sector's stability, concerns about a bigger crisis have not abated completely, analysts said.

☆ Wall Street ends volatile week higher as Fed officials ease bank fears
▼ + stars: | 2023-03-24 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Wall Street is taking its cues from Washington and other capitals as it relates to interest rates and banking regulations." "The Fed may be jaw-boning a bit as it says more rate increases may be coming this year," JPMorgan's Carter added. Worries over potential contagion beyond regional banks threatening to spread to their larger peers was sparked by a sell-off of European bank shares. While the S&P Bank index (.SPXBK) ended modestly lower, the KBW Regional Bank index (.KRX) jumped 2.9%. Regional lenders PacWest Bancorp , Western Alliance Bancorp (WAL.N) jumped 3.2% and 5.8%, respectively, while First Republic Bank (FRC.N) dropped 1.4%.

The fresh price falls in Europe came as investors were looking to see how far U.S. authorities would go to shore up the banking sector, particularly fragile regional lenders. REUTERS/Dado Ruvic/Illustration/File Photo 1 2CDS surge on banking sector turmoilUBS CHALLENGESThe global banking sector has been shaking since the sudden collapse this month of SVB and Signature Bank. But the worries spread quickly, and on Sunday UBS (UBSG.S) was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors. Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus. Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

Shares of major U.S. banks JPMorgan Chase & Co (JPM.N), Wells Fargo (WFC.N) and Bank of America (BAC.N) dropped more than 2% in premarket trade. Shares of regional lenders First Republic Bank (FRC.N), PacWest Bancorp (PACW.O), Western Alliance Bancorp (WAL.N) and Truist Financial Corp (TFC.N) fell between 2.1% and 2.8%. European banks also came under pressure, with a report of a U.S. probe on Credit Suisse and UBS (UBS.N) further souring the mood. ET, Dow e-minis were down 304 points, or 0.94%, S&P 500 e-minis were down 31.5 points, or 0.79%, and Nasdaq 100 e-minis were down 59 points, or 0.46%. Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sriraj Kalluvila and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Traders' bets are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike, according to CME Group's Fedwatch tool. Communication services (.SPLRCL) and information technology (.SPLRCT) led the gains among the S&P 500 sector indexes, all of which rose, except utilities (.SPLRCU). Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Advancing issues outnumbered decliners by a 3.62-to-1 ratio on the NYSE and 3.27-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 17 new highs and 27 new lows.

Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Nvidia Corp (NVDA.O) rose 1.9% after Needham raised its price target on the chipmaker on likely benefit from near-term data center strength. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Regeneron Pharmaceuticals Inc (REGN.O) jumped 8.6% on promising results on its blockbuster asthma drug Dupixent from a lung disease trial. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Futures climb as hopes of a Fed pause gain steam
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

The Federal Reserve raised rates by 25 basis points, as expected, on Wednesday but its policy statement no longer said "ongoing increases" would likely be appropriate. ET, Dow e-minis were up 158 points, or 0.49%, S&P 500 e-minis were up 27.5 points, or 0.69%, and Nasdaq 100 e-minis were up 123.25 points, or 0.97%. Those pre-market gains helped boost futures for the tech-heavy Nasdaq. ET is expected to show a rise in jobless claims last week, hinting at some cooling in labor demand. Reporting by Amruta Khandekar; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

ET (1800 GMT), with investors keenly awaiting Chair Jerome Powell's conference at 2:30 p.m. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidHowever, a scramble by troubled regional U.S. lender First Republic Bank (FRC.N) to secure a capital infusion has kept alive some worries about the banking sector. Declining issues outnumbered advancers by a 1.13-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and six new lows, while the Nasdaq recorded 27 new highs and 75 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET to gauge the central bank’s rate-hike trajectory. U.S. Treasury yields rose, with the yield on the two-year note, which best reflects interest rate expectations, last at 4.212%. Declining issues outnumbered advancers by a 1.56-to-1 ratio on the NYSE a 1.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 13 new highs and 34 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET (1800 GMT), with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. While the central bank is likely to continue its hiking cycle with a 0.25% move, we think the guidance for future meetings will be considerably more open," said Gabriele Foà, co-portfolio manager at Algebris Investments. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 1.5 points, or 0.04%, and Nasdaq 100 e-minis were down 12.75 points, or 0.1%.

☆ Futures edge lower on caution ahead of Fed rate decision
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The expected rate hike of 25 basis points is a turnaround from the steep 50 basis points rate rise anticipated before the recent banking turmoil, triggered by the recent collapse of two regional banks. Markets will also be watching out for a news conference by Fed Chair Jerome Powell following the interest rate decision, looking for cues about the central bank's future path in his commentary. U.S. Treasury yields inched lower amid the cautious mood, with that on the two-year note last at 4.13%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 9.5 points, or 0.24%, and Nasdaq 100 e-minis were down 54.75 points, or 0.43%. Shares of GameStop Corp (GME.N) jumped 38.9% after the company posted a surprise profit for the fourth quarter, helped by lower costs and job cuts.

☆ Wall St ends sharply lower as Powell warns inflation fight continues
▼ + stars: | 2023-03-22 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session. Worries persist that the Fed's aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O), have exacerbated those fears. All 11 major sectors of the S&P 500 ended the session deep in negative territory, with real estate (.SPLRCR) suffering the steepest percentage drop, its largest one-day plunge since Sept. 13. The S&P 500 posted six new 52-week highs and 13 new lows; the Nasdaq Composite recorded 44 new highs and 179 new lows. Volume on U.S. exchanges was 11.84 billion shares, compared with the 12.70 billion average over the last 20 trading days.

☆ Wall Street ends green on bank bounce as Fed takes focus
▼ + stars: | 2023-03-21 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. "The Fed will raise interest rates by 25 basis points and the market won't care," Pursche added. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2023. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 48 new highs and 114 new lows. Volume on U.S. exchanges was 11.75 billion shares, compared with the 12.63 billion average over the last 20 trading days.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) closed 47% lower on Monday, adding to recent losses as concerns about its liquidity continued to worry investors despite a $30 billion influx of deposits last week. The bank's stock fell as much as 50% and closed at $12.18 after the New York Stock Exchange halted it several times due to volatility. S&P Global downgraded First Republic deeper into junk status on Sunday and said the recent cash infusion from 11 large U.S. banks last week may not solve its liquidity problems. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. First Republic Bank's stock market collapseFirst Republic's stock market value has collapsed by over 80% in the past 10 trading sessions due to fears of a bank run as a large proportion of the lender's deposits are uninsured.

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) extended a recent slump on Monday with a 15% drop, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. On Sunday, Reuters reported that the lender was still trying to put together a capital raise but that no deal was imminent. Short sellers in First Republic made about $560 million profit on paper since last Monday, analytics firm Ortex said. The S&P 1500 regional banks index (.SPCOMBNKS) added nearly 3.4%, while S&P 500 banks (.SPXBK) gained 2.3%. A U.S. official told Reuters on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed.

☆ First Republic shares fall on fresh liquidity fears as peers rebound
▼ + stars: | 2023-03-20 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

March 20 (Reuters) - Shares of First Republic Bank (FRC.N) slumped 13.1% on Monday, after a report the regional bank could raise more money fanned worries about its liquidity despite a $30 billion rescue last week. Shares of some of the big banks involved in the unprecedented support rose, reversing premarket losses. "Even though First Republic Bank says that they have the financial backing to survive, investors are concerned that they too will have to be taken over," said Jason Pride, chief investment officer of private wealth at Glenmede. The S&P 1500 regional banks index (.SPCOMBNKS) added nearly 4%, outperforming S&P 500 banks' (.SPXBK) 2.6% rise. A U.S. official told Reuters on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed.

Over the weekend, UBS (UBS.N) agreed to buy rival Credit Suisse for $3.23 billion, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. U.S.-listed shares of Credit Suisse were down 58.4% in premarket trading and set to open at a fresh record low, while those of UBS were down 3.6%, as focus shifted to the hit to some Credit Suisse bondholders from the acquisition. "Investors are still worried about the banking industry, even though UBS has agreed to take over Credit Suisse. Regional bank First Republic Bank (FRC.N) was down 19.1% after paring some declines, while peer Western Alliance Bancorp (WAL.N) edged 0.7% lower. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020.

☆ Futures fall as Credit Suisse rescue, liquidity steps fail to quell bank scare
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.99%, S&P 0.96%, Nasdaq 0.70%March 20 (Reuters) - U.S. stock index futures fell on Monday as steps taken by central banks to boost liquidity and a deal to rescue Credit Suisse failed to quell investor worries of severe turbulence in the banking sector. U.S.-listed shares of Credit Suisse and UBS were down 59.6% and 12.5%, respectively, in premarket trading. Separately, top central banks, faced with the risk of a fast-moving loss of confidence in the financial system's stability, moved on Sunday to bolster the flow of cash around the world. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020. Treasury yields edged lower on Monday, with investors flocking to bonds on worries over the interest-rate path the U.S. central bank may take.

Many of the regional banks have also said that their deposit base has stabilized. "The regional banks have come under pressure because they are less equipped to handle a withdrawal of deposits the way the big banks are," said Mark Chandler, chief market strategist at Bannockburn Global Forex in New York. In a move of solidarity, most of the major banks agreed on Thursday to deposit $30 billion in First Republic. At least four U.S. lawmakers said on Sunday they would consider whether a higher federal insurance limit on bank deposits than the current $250,000 threshold was needed to inspire more confidence in the system. Buffett has yet to prop up any of the regional banks.

☆ Global banking crisis: One big problem down. Too many others left to go
▼ + stars: | 2023-03-20 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

New York CNN —Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. In the United States, the banking crisis began nearly two weeks ago with the sudden collapses of Silicon Valley Bank and Signature Bank over a three-day span. That sent shockwaves through the global banking system. Good news and bad newsThe good news: Those loans do not indicate anything inherently wrong with the global banking system. But the banking system and regulators would have to calm fears before that happens system-wide.

☆ Wall Street ends sharply lower on bank contagion fears
▼ + stars: | 2023-03-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

For the week, while the benchmark S&P 500 ended higher than last Friday's close, the Nasdaq and the Dow posted weekly declines. "(The sell-off) is a bit of an overreaction," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. Those concerns have spread to Europe, as Credit Suisse (CSGN.S) shares stumbled over liquidity worries, prompting policymakers to scramble to reassure markets. First Republic Bank (FRC.N) plunged after the bank announced it was suspending its dividend, reversing Thursday's surge that was sparked by an unprecedented $30 billion rescue package from large financial institutions. First Republic's peers, PacWest Bancorp (PACW.O) and Western Alliance (WAL.N), both ended the session sharply lower.

The boost was shortlived and fears of a banking crisis gripped the market on Friday, with shares of First Republic Bank (FRC.N), which also suspended its dividend payout, dropping 24.5%. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 9% each in the week. Investors are now looking ahead to the Federal Reserve's interest rate decision, due next week, to gauge how it will tame inflation. Money market participants now see a 67% chance of the Fed raising rates by 25 basis points on March 22. . Declining issues outnumbered advancers by a 5.46-to-1 ratio on the NYSE by a 3.56-to-1 ratio on the Nasdaq.

Shares of First Republic fell 20.7% in early trading after the bank suspended its dividend payout. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 2% each. "Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. "Until you stop the deposit flight from regional banks into the systemically important banks that are too big to fail, it doesn't matter how much money you pour into the bucket." The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded seven new highs and 75 new lows.

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