Bank stocks tumble after Fed hikes rates

Bank stocks tumble after Fed hikes rates

Financial stocks fell on Wednesday after the Federal Reserve raised interest rates by an expected quarter point and signaled that it was not too worried that the collapse of several banks this month would reverberate on the rest of the sector and the economy. KBW Nasdaq Commercial Banks Index and SPDR S&P Regional Banking ETF … Read more

Moderna to price its Covid-19 vaccine at $130 a dose

Moderna to price its Covid-19 vaccine at 0 a dose

Modern Inc. mrna -0.78% will cost its Covid-19 vaccine about $130 a dose when it transitions to commercial vaccine distribution later this year, far more than the federal government has paid. The plans have fueled criticism of the company from lawmakers who explored the cost of the shootings during a Senate hearing on Wednesday. The … Read more

Here’s one for the beaten bulls: The second-largest sector of the S&P 500 is coming alive, this strategist says.

Here’s one for the beaten bulls: The second-largest sector of the S&P 500 is coming alive, this strategist says.

“This is the first time in a long time that the FOMC has had a real decision to make,” said JonesTrading chief strategist Michael O’Rourke, who is among the handful urging the Fed to pause. “Remember, this banking crisis is the result of banks not properly preparing for a cycle of rising interest rates. Another … Read more

Amazon plans to lay off 9,000 more workers

Amazon plans to lay off 9,000 more workers

Chief Executive Andy Jassy said in a statement that the company had recruited a significant number of employees in recent years, a step he defended as necessary given what was happening in Amazon’s business at the time. era. “Given the uncertain economy we reside in and the uncertainty that exists for the near future, we … Read more

European CoCos banks under pressure after Credit Suisse sale to UBS triggers historic loss on specialty bonds

European CoCos banks under pressure after Credit Suisse sale to UBS triggers historic loss on specialty bonds

Posted: March 20, 2023 3:14 PM ET Risky debt issued by several European banks in response to the 2008 global financial crisis was under heavy pressure in New York trading on Monday after regulators orchestrated a sale from Credit Suisse to UBS, triggering a historic writedown in specialty bonds the process. Debt issued by Barclays … Read more

JPMorgan CEO Jamie Dimon leads efforts to craft new rescue plan for First Republic Bank

JPMorgan CEO Jamie Dimon leads efforts to craft new rescue plan for First Republic Bank

Discussions, though preliminary, have focused on how the industry could arrange an investment that would increase the bank’s capital, according to people familiar with the matter. Among the options on the table, people said, is investment in the First Republic by the banks themselves. Eleven major banks banded together last week to deposit $30 billion … Read more

US stocks gain, but First Republic Bank slips

US stocks gain, but First Republic Bank slips

As of 4 p.m. ET, the Dow Jones Industrial Average added about 380 points, or 1.2%, and the S&P 500 rose 0.9%. The technology-focused Nasdaq Composite climbed 0.4%. The indices fell on Friday but have been relatively insulated from the banking crisis so far. Authorities sought to stem a dangerous decline in confidence in the … Read more

Senator Elizabeth Warren calls for an independent inquiry into the Fed and banking regulation

Senator Elizabeth Warren calls for an independent inquiry into the Fed and banking regulation

Posted: March 19, 2023 7:05 PM ET Senator Elizabeth Warren is calling for an independent investigation into the Federal Reserve and “the entire regulatory system” after the worst banking sector crisis in more than a decade. Speaking on ABC News’ “This Week” on Sunday, the Massachusetts Democrat said the chaos of the past two weeks … Read more

The Fed raised concerns about SVB’s risk management in 2019

The Fed raised concerns about SVB’s risk management in 2019

WASHINGTON — The Federal Reserve raised concerns about risk management at Silicon Valley Bank at least four years before its failure earlier this month, documents show. In January 2019, the Fed issued a warning to SVB SIVB -60.41% on its risk management systems, according to a presentation released last year to employees of SVB’s venture … Read more

SVB Financial Files for Chapter 11 Bankruptcy Protection

SVB Financial Files for Chapter 11 Bankruptcy Protection

Silicon Valley Bank’s parent company has filed for bankruptcy, facilitating the sale of its remaining assets after the tech-focused bank at the heart of its business was seized by federal regulators. SVB Financial Group filed for Chapter 11 protection Friday in New York bankruptcy court, the largest filing stemming from a bank failure since Washington … Read more