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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.

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.

☆ S&P downgrades First Republic further into junk status as the bank's $30 billion rescue may not be enough to solve liquidity problems
▼ + stars: | 2023-03-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Republic Bank's credit rating was cut for the second time in less than a week by S&P Global Ratings. The Federal Home Loan Bank System provides cash to banks and other lenders and is made up of 11 regional banks. S&P Global noted First Republic last week reported a cash position of $34 billion, not including the $30 billion in deposits from the 11 banks. PacWest said it "continues to have solid liquidity," with more than $10.8 billion in available cash, and that cash exceeds total uninsured deposits. Western Alliance said it remains in a strong position, with immediately available liquidity of over $20 billion as of March 16.

☆ Here's what it was like at the New York Stock Exchange the day Silicon Valley Bank collapsed, according to Wall Street's most famous trader
▼ + stars: | 2023-03-18 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +6 min

Peter Tuchman has been at the New York Stock Exchange for almost 38 years and is the most-photographed trader on Wall Street. He's weathered the stock market crash of 1987, the bursting of the dot-com bubble, the financial crisis of 2008, and the COVID-19 sell-off of 2020. On March 10, when Silicon Valley Bank collapsed, "shit was really hitting the fan," he told Insider. Tuchman said when Silicon Valley Bank collapsed last week "shit was really hitting the fan." I watch at every given second what's going on with all that information," he said, gesturing at the hundreds of monitors around us.

☆ First Republic Bank shares drop as $30 bln rescue fails to reassure investors
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. REUTERS/Mike SegarMarch 17 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 13% in premarket trading on Friday as $30 billion in deposits injected by large U.S. banks failed to quell investor worries about the beleaguered lender. Shares of other U.S. mid-size banks including Western Alliance Bancorp shares (WAL.N) and PacWest Bancorp (PACW.O) dropped 2% and 5%, respectively. First Republic was caught up in a widening banking crisis triggered by the collapse of two other mid-size U.S. lenders over the past week. The rescue package came less than a day after Swiss bank Credit Suisse (CSGN.S) clinched an emergency central bank loan of up to $54 billion to shore up its liquidity.

☆ Insiders were stepping up and buying this week at these regional banks and niche financials
▼ + stars: | 2023-03-17 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

The banking crisis drove regional bank stocks sharply lower this week, but many insiders took advantage of the turmoil to scoop up shares of their own institutions in what may prove a vote of confidence. Shares of regional banks slumped as the collapse of Silicon Valley Bank left investors worried that other regional banks might face similar balance sheet issues, a possible mismatch between long-dated assets and short-dated liabilities. Regional banks had regained some ground Thursday in anticipation of a group of 11 banks stepping in to First Republic by depositing $30 billion for at least 120 days . Charles Schwab Notably, Charles Schwab CEO Walt Bettinger bought 50,000 shares Tuesday, worth nearly $3 million, for his personal account. Valley National Bancorp Ira Robbins (CEO) bought 5,000 shares Wednesday Jennifer Steans (Director) bought 150,000 shares Tuesday Eric Edelstein (Director) bought 20,000 shares Tuesday Melissa Schultz (Director) bought 15,000 shares Tuesday Jeffrey Wilks (Director) bought 8,000 shares Tuesday Marc Lenner (Director) bought 5,000 shares Tuesday Suresh Sani (Director) bought 5,000 shares Tuesday Valley National Bancorp saw a rush of insider buying this week, including purchases by its CEO and several directors.

☆ First Republic Bank tumbles, drags down shares of other regional lenders
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

March 16 (Reuters) - First Republic Bank (FRC.N) fell about 30% on Thursday, leading shares of other regional lenders lower, as fears of a banking crisis loomed large. "Short sellers are attacking banks they think are weak, unfortunately First Republic has not done a very good job of pushing back. The regional banking sector has been reeling from the collapse of Silicon Valley Bank on worries that nervous customers may rush to withdraw their deposits, potentially triggering a liquidity crisis. Bloomberg reported on Wednesday that First Republic was weighing options to shore up its liquidity and that larger rivals might show interest in taking over the bank. "So when you're looking at regional banks, this net interest margin situation is much more damning."

SummarySummary Companies Credit Suisse rebounds on lifeline from Swiss central bankHousing starts, jobless claims data due 8:30 am ETAdobe rises on upbeat profit forecastMeta, Snap climb as U.S. threatens TikTok banFutures mixed: Dow down 0.29%, S&P down 0.19%, Nasdaq up 0.16%March 16 (Reuters) - U.S. stock index futures were mixed on Thursday as the Swiss central bank's lifeline for embattled Credit Suisse did little to boost investor sentiment as they awaited economic data for clues on the outlook for U.S. interest rates. U.S.-listed shares of Credit Suisse rose 8.8% in premarket trading after the bank secured a credit line of up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence, which had nosedived after the lender's shares slumped on Wednesday. Troubles at Credit Suisse, coming on the heels of the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) have sparked fresh worries about stress in the banking sector, dwarfing relief on expectations of less aggressive moves by the Federal Reserve. "Central banks are in a bit of a bind because they need to make sure that inflation is brought back under control. Shares of Adobe Inc (ADBE.O) supported Nasdaq futures, rising 5.8% in premarket trade after the Photoshop maker raised its 2023 profit target.

☆ US stocks fall as turmoil in regional banks resumes and Credit Suisse gets a lifeline
▼ + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks dropped Thursday, with regional banking stocks still moving lower. The Federal Reserve launched its latest rate-tightening campaign 1 year ago. The index on Wednesday briefly erased its advance for 2023, with markets shaken up by a rout in bank stocks. In the wake of the Silicon Valley Bank failure, regional bank stocks largely fell again on Thursday. Thursday marks one year since the Federal Reserve embarked on its most aggressive run of rate hikes in decades.

☆ These are the 3 essential questions nobody is asking after Silicon Valley Bank's implosion — and the 5 bank stocks you should be buying, according to UBS
▼ + stars: | 2023-03-16 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Regional banks remain under fire after the sudden undoing of Silicon Valley Bank. UBS answered three of the biggest questions bank investors should be asking right now. Here are five of the firm's favorite regional bank stocks to buy for upside. The shocking collapse of Silicon Valley Bank, the shutdown of Signature Bank, and "material weaknesses" reported at Credit Suisse led investors to panic-sell bank stocks — even those without financial issues. Below is a summary of those questions and the best answers based on UBS projections, along with the regional bank stocks that stand out in regards to each.

☆ Wall Street closes higher as First Republic helps lift banks
▼ + stars: | 2023-03-16 | by ( David Carnevali | ) www.reuters.com time to read: +3 min

SummarySummary Companies European Central Bank raises key policy rateFirst Republic Bank shares reverse course and turn higherMeta, Snap climb as U.S. threatens TikTok banNEW YORK, March 16 (Reuters) - A strong rebound by financials helped Wall Street's main indexes close firmly positive on Thursday, after some of the country's largest lenders came to the rescue of embattled First Republic Bank. "Banks are looking out for one another," said Huntington Private Bank chief investment officer, John Augustine. Shares of JP Morgan and Morgan Stanley were up 1.94% and 1.89% respectively, while the lifeline buoyed First Republic Bank (FRC.N), which gained 9.98%. The KBW regional banking index (.KRX) gained 3.26%, while the S&P 500 banking index (.SPXBK) advanced 2.16%, as both sub-indexes reversed losses. Concerns about banks have rattled the stock market in recent days after the collapse of SVB Financial fueled contagion fears.

☆ Wall Street down as Credit Suisse sparks fresh bank selloff
▼ + stars: | 2023-03-15 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

I don’t think we are at 2008-2009 stages by any means when it comes to the contagion stuff," said Themis Trading co-manager of trading, Joe Saluzzi. Still, Credit Suisse troubles piled more pressure on U.S. banking sector after U.S. authorities relieved investors with emergency measures to prevent contagion after the collapse of SVB Financial (SIVB.O) and Signature Bank (SBNY.O). Some investors believe aggressive U.S. interest rate hikes by the Federal Reserve caused cracks in the financial system. Shares of Western Alliance Bancorp (WAL.N) and bank and brokerage Charles Schwab Corp (SCHW.N) bucked the trend to close in the green. Big U.S. banks including JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America Corp (BAC.N) dropped, dragging on the S&P 500 banking index (.SPXBK).

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