Stock-market investors didn’t get much time to enjoy a brief period of relief for stocks following JPMorgan Chase & Co.’s takeover of First Republic Bank.
The seizure on Monday of troubled First Republic FRC and the subsequent takeover by JPMorgan Chase JPM failed to arrest a slide in U.S. regional bank stocks on Tuesday, as weak economic data and a fast-approaching U.S. debt deadline put renewed pressure on the economy. See: How First Republic ended up as the second-largest bank takeover in history after Washington Mutual
“Contagion risk seems to have come down,” Yokum told MarketWatch via phone. “First Republic last week dropped a very significant percent, but other banks weren’t selling off,” he said. “It does feel like the correlation there has definitely come down. People are viewing it more as a company specific problem.”
Recession concerns took center stage on Tuesday after oil prices CL00 CL.1 CLM23 tumbled following weak economic data from China, and after a surprise decline in JOLTS job openings, which suggest that demand for workers is cooling a year after the Federal Reserve began lifting interest rates to combat inflation.
Stock-market investors wondered whether the continuing regional bank difficulties will create any last-minute issue for the Fed as the central bank officials kicks off a two-day policy meeting on Tuesday.
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Stock market news: Dow pulls back after First Republic Bank is seizedUS stocks mixed as traders mull impact of First Republic failure and brace for big Fed meeting
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