News Formal

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

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

Nigeria News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Regional banks rebound for a second day as PacWest cuts dividend, says business 'fundamentally sound'PacWest Bankcorp led a relief rally in regional banks on Monday, after the struggling lender slashed dividend to build capital amid the banking crisis.
Source: CNBC - 🏆 12. / 72 Read more »

Wall St edges lower as bleak earnings overshadow rise in regional banksWall Street's main indexes were flat as bleak earnings from companies clouded a rebound in regional lenders.
Source: Reuters - 🏆 2. / 97 Read more »