Wall Street investors seem nervous amid uncertainty in the banking sector and broader economy.Shares of First Republic Bank tumbled 20% after Fitch Ratings said it could downgrade it.
Fitch said the bank's liquidity is still weak despite a $30 billion lifeline from larger institutions.Also Friday morning, the parent company of the failed Silicon Valley Bank filed for chapter 11 bankruptcy protection. Trading of SVB Financial Group shares halted on Thursday. The uncertainty in the banking sector started when customers with uninsured deposits began switching to larger institutions.Resident Joe Biden is calling on Congress to expand the FDIC's authority to punish executives of banks that fail. He wants the agency to be able to fine them, claw back their compensation and bar them from other bank jobs.
Meanwhile, in related news, investors also seem nervous the Fed could hike rates again next week. They're waiting for a University of Michigan survey that gauges consumer confidence.
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