30 minutes ago
Local banks collapse on Wednesday market reaction to March inflation
It wasn't immediately clear whether local banks would be as low as they were Wednesday after inflation accelerated in March and U.S. Treasury yields rose again later. 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%. West Virginia's MVB Financial fell 5.1%, and New Jersey's BCB Bancorp 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 “We will look for the bottom of net interest income, while examining the bottom line of net interest income.” NII, on average about 80% of revenue).
— Scott Schnipper
51 minutes 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 Immun 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