Posted by CNBC (99..201.63) on May 03, 2023 at 06:14:01:
In Reply to: MORNING SQUAWK posted by CNBC on May 03, 2023 at 06:12:16:
2. Regional banks, national worries
If you thought JPMorgan’s post-failure acquisition of First Republic might have nipped concerns about regional banks in the bud, you may want to reconsider. Shares of PacWest plunged nearly 28% Tuesday, meaning it has fallen more than 71% so far this year. Western Alliance shares declined 15%. The stocks didn’t look so hot in the premarket session Wednesday, either. The SPDR S&P Regional Banking ETF, meanwhile, fell more than 6% on Tuesday. The banking issues have weighed on investors’ minds this week as earnings season marches on and markets gear up for another Fed rate hike. The three major averages have fallen for two straight sessions.