Stocks steady after bank failure study bracing for rate peak
Markets drifted Monday as regulators seized First Republic Bank and sold assets, with the S&P 500 near flat 4,167.87 while the Dow slipped to 34,051.70 and the Nasdaq fell to 12,212.60. JPMorgan Chase shares rose 2.1 percent as it acquires much of First Republic's assets, and investors weigh potential Fed rate moves, debt ceiling tensions, and recession risks amid a weak ISM reading for April.
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First Republic Bank
First Republic
Federal Reserve
Fed
Dow Industrials
Dow Transportation
Dow Utilities
NYSE
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Biden and lawmakers to discuss debt limit at White House
President Biden invites four congressional leaders to a May 9 White House meeting to avert a possible default as early as June 1. Treasury and lawmakers warn of catastrophe while Democrats seek a clean debt limit raise and Republicans push for spending cuts and a fiscal 2024 budget plan.
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Joe Biden
White House
Mitch McConnell
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House
Kevin McCarthy
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Janet Yellen
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Pilots authorize strike votes amid airline bargaining pressure
A roundup notes pilots at American Airlines and Southwest Airlines voting to authorize strikes as unions seek better contracts with large pay raises. Though unlikely to trigger walkouts soon due to mediation laws, unions push for leverage while Delta's 34 percent raise sets a benchmark. Fort Worth based American notes quick deal hopes as Southwest also prepares to resume talks with mediators.
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American Airlines
Southwest Airlines
U.S. Mediation Board
American
Southwest
Congress
United Airlines
Delta Air Lines
Delta
Allied Pilots Association
Fort Worth
Sarah Jantz
American Pilots’ Union
Ed Sicher
American Pilots
Southwest Airlines Pilots Association
Adam Carlisle
FDIC proposes higher insured deposits for businesses
The FDIC urged Congress to raise the insured limit for business accounts holding more than 250000 to be applied on a targeted basis. The proposal aims to calm depositors and markets after three bank failures this year including Silicon Valley Bank and Signature Bank and the First Republic collapse. FDIC Chair Martin Gruenberg stressed the need to clarify the role of insurance amid ongoing bank runs.
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U.S
Congress
Federal Deposit Insurance Corp
FDIC
First Republic Bank
JP Morgan Chase
Silicon Valley Bank and Signature Bank
United States
Martin J. Gruenberg
Gruenberg
First Republic
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Institute For Supply Management
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