⚠️BREAKING: *S&P 500 ENDS DOWN FOR FOURTH STRAIGHT SESSION ON MOUNTING BANK FEARS; DOW TURNS NEGATIVE FOR 2023 $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Canada's Toronto-Dominion Bank Group called off its $13.4 billion acquisition of First Horizon Corp, triggering a deep decline in the U.S. bank's shares.
The CBOE volatility index, also known as Wall Street's fear gauge, rose to as much as 21 points, its highest since late March. With investors increasingly worried a widening banking crisis and an economic downturn, U.S. interest rate futures prices now imply traders mostly expect the U.S. Federal Reserve to cut rates by the central bank's July meeting, according to CME Group's FedWatch Tool.
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PacWest shares crumble as Wall Street shuns midsize banksShares of PacWest Bancorp crumbled after the close of trading on Wednesday, diving 55% to $2.88 amid a report by Bloomberg News that the $44 billion bank is weighing its strategic options, including a possible sale.
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Wall Street falls as PacWest woes fuel fresh selloff in regional banksConcerns about the health of regional banks with uncertainty over U.S. interest rates weighed on the mood.
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Bank stocks continue to fall following First Republic demiseRegulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks like Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance were down 17% in afternoon trading and PacWest dropped 25%, with trading of both stocks halted briefly due to high volatility. The ongoing concern among investors and regulators is that banks such as PacWest have large amounts of uninsured deposits _ those above $250,000.
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PacWest, Western Alliance shares tumble as US regional bank fears persistShares of U.S. regional banks PacWest Bancorp and Western Alliance Bank plunged on Tuesday as the demise of First Republic Bank triggered investor concerns about the financial health of other mid-sized lenders.
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Not Just PacWest: These Regional Bank Stocks Plummet Amid Contagion FearsWestern Alliance and First Horizon led a group of regional banks with massive drops in stock prices Thursday.
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PacWest, Western Alliance sell off after Jamie Dimon said crisis endedPacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
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