Stock market news today: Regional banks rally on SVB deal

The broader market remains volatile following the Fed's 25-basis-point rate hike last Wednesday. Bond yields last week tumbled as traders began pricing in higher odds that the central bank will start cutting interest rates this year as the economy slows.

"Powell was confident in the strength of the banking sector last week, though he was clear that regional bank turmoil could weigh on the overall economy, which may be what many market participants need to hear to bring down their arguably too high valuations," Chris Larkin, managing director with Morgan Stanley's E*Trade wrote in a note Monday.

"While the market's short-term moves following hikes in this recent tightening cycle have been anything but uniform, bulls can cling to the fact the SPX's two-week return was positive five of the eight times."

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Regional bank stocks surge on First Citizens acquisition of failed SVBSeveral flailing regional banks got a boost on Monday after First Citizens Bank agreed to buy failed Silicon Valley Bank more than two weeks after its sudden collapse.
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Commercial real estate is next shoe to drop for regional banks, stock marketCommercial real estate is the next shoe to drop for regional banks and the stock market There are way too many commercial real estate properties and not enough housing!!
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