Stock market news today: Regional banks rebound ahead of CPI report

📆 8/05/2023 5:31 p. m.
📰 BusinessInsider

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US stocks trade mixed as banks rebound and investors turn focus to April inflation data

US stocks were mixed on Monday as bank stocks rallied while investors get ready for a key inflation report on Wednesday.

The consumer price index report for April will help guide the Federal Reserve in its interest rate decision at the next FOMC meeting in mid-June. The Fedincreasing the fed funds rate by 25 basis points to just over 5%. Some relief was found in regional bank stocks on Monday, with the sector extending its rebound from Friday as recent data showed continued stability in the deposit base of smaller banks. Shares of PacWest Bancorp surged 30% on Monday after the stock rallied 82% on Friday.

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