58 minutes ago
Local banks collapse on Wednesday market reaction to March inflation
It wasn’t immediately clear whether regional banks were as low as they were Wednesday in response to the acceleration in inflation in March and the subsequent rise in Treasury yields. After all, the S&P 500 Financial Index was down just 1.5%, while the S&P 500 was down 1%.
But the S&P 500 Financial includes all kinds of companies, from the nation’s biggest banks like JPMorgan and Bank of America to credit card networks Visa and Mastercard.
Drilling down further into local banks, we look at the S&P 1500 Local Bank Index, which is comprised of all stocks in the S&P 500, S&P Midcap 400, and S&P Smallcap 600, and is down 4.5% on Wednesday. Examples of genocide are numerous. Long Island’s New York Community Bancorp fell 8.1%, Boston’s Brookline Bancorp fell 5.9% and Phoenix’s Western Alliance Bancorp fell 5.8%. MVB Financial in West Virginia fell 5.1%, and BCB Bancorp in New Jersey fell 4.5%.
Analysts at Bank of America said on Monday that investors should scrutinize the bank’s first-quarter earnings report and see “potential areas of vulnerability (commercial real estate, overall credit, “We will look for the bottom of net interest income while closely examining deposit costs.” NII, on average about 80% of revenue).
— Scott Schnipper
1 hour ago
Vertex Pharmaceuticals acquires Alpine Immune Sciences
Vertex Pharmaceuticals shares fell 1% in after-hours trading after the biotech company announced it would acquire Alpine Immune Sciences for $4.9 billion in cash, or about $65 per share.
Alpine stock soared more than 36% after the bell. This biopharmaceutical company develops protein-based immunotherapies to treat certain autoimmune diseases.
— Samantha Subin
1 hour ago
Stock futures open lower Wednesday evening
U.S. stock futures fell Wednesday night.
Futures tracking the S&P 500 fell 0.2%, and Dow futures fell 79 points, or 0.2%. Nasdaq 100 futures fell 0.16%.
–Darla Mercado
