*GLOBAL STOCKS DECLINE AS U.S. REGIONAL BANKS TUMBLE, INVESTORS FRET BEFORE FED
NEW YORK - Major U.S. stock indexes fell more than 1% each on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Federal Reserve may need to hike interest rates.
The Fed is expected to announce Wednesday it will raise rates 25 basis points, and investors are anxious for any signals from the central bank on whether it will be the last hike for now, or if further increases are possible if inflation remains high. The KBW regional banking index fell 5.5% in its biggest daily percentage drop since March 13. During the session, it hit the lowest level since November 2020.
Energy shares dropped along with oil prices as investors worried about a potential U.S. debt default. Treasury Secretary Janet Yellen said the federal government could be unable by June 1 to meet all of its payment obligations without legislation to raise Washington's borrowing limit.energy sector dropped 4.3%, the most of any major sector, followed by S&P financials, which fell 2.3%.First Republic Bank
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