July 22, 2024

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Bank stocks are in free fall on Wall Street

Bank stocks are in free fall on Wall Street

Mini panic prevails regarding the situation in the regional banking sector for another session today Wall Street. after its acquisition The first republic from c. B. Morgan Chase Not only have the fears not abated, but the “virus” of fear is spreading rapidly and is sinking other bank stocks as well.

Relentless is pounding on backquest. Today it was found to be down as much as 50% and at 21:30 Greek time it was down 42%. The slide began in after-hours trading on Wednesday amid reports that the company was looking for a buyer.

She said she was recently approached by a number of strategic investors and that talks are ongoing. He was quick to point out that he had not only faced extraordinary inflows of deposits, but his deposits had also increased since the end of the first quarter. That hasn’t stopped investors from stepping up the pressure.

And the first horizon is on the way down

She is not the only one in goal. First Horizon sees its stock lose more than a third of its value today after announcing its plan Its merger with TD Bank. The two sides announced that they had mutually agreed to withdraw from the deal, as the latter was not sure whether it could obtain regulatory approval.

Shares of Metropolitan Bank, Comerica and Zion Bancorp also fell between 6% and 12%. The KBW Nasdaq index of regional bank stocks fell about 3.5%.

It should be noted that all three major Wall Street indices are in negative territory, despite moderate losses. The Dow Jones is down 1%, the S&P 500 is down 0.75% and the Nasdaq is down -0.45%.

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