- U.S. bank stocks rose in premarket trading on Thursday, a day after the Federal Reserve cut interest rates by 50 basis points, which is expected to reduce deposit costs and alleviate pressure on borrowers.
"For banks, particularly those that hold mortgages and auto loans, there may be a benefit to spreads in the near term," said Charlie Wise, senior vice president and head of global research and consulting at TransUnion. Borrowers looking for immediate relief could also refinance their loans and negotiate better repayment terms, lowering the risk of defaults.
The S&P 500 Banks Index, which tracks large-cap banks, has gained 17.5% this year, compared with an 18% gain in the benchmark S&P 500. The KBW Regional Banking Index is up 4.4% over the same period.Investor sentiment toward the sector had taken a hit after three major players collapsed in early 2023, in part due to higher rates racking up unrealized losses on their loan books.
Ernst & Young LLP is proud to announce that Julie Bednarski, Founder and CEO of Healthy Crunch, has been selected for the EY Entrepreneurial Winning Women™ North America Class of 2024. Now in its 17th year, the program identifies high-potential women entrepreneurs in the U.S. and Canada and equips them with the resources and networks to accelerate growth.
Espace pour la vie is proud to announce record volunteer participation across North America in the International Monarch Monitoring Blitz in support of monarch conservation efforts.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »