The major indexes were flat to start the week as investors considered JPMorgan Chase’s takeover of First Republic Bank.
First Republic cratered last week, falling over 70% when it reported earnings, revealing that deposits dropped more than 40% in the first quarter.
JPMorgan Chase rose 4% during premarket trading on news that it will acquire First Republic’s deposits and most of its assets.
Allianz Chief Economic Advisor Mohamed El-Erian said this move “is changing the narrative on big banks. Big banks are no longer viewed as a source of systemic risk. They’re viewed as stabilizers.”
In this morning’s stock market recap video, I’ll discuss whether the Nasdaq is going higher or has topped out… how to monitor the bond market this week… which sectors remain extremely vulnerable headed into the upcoming Federal Open Market Committee meeting (the rate announcement will be at 2 p.m. ET on Wednesday)… how I feel about buying bank stocks right now… if the Dow is set to rally or consolidate… plus the biggest earnings plays for the week ahead!
There have been a lot of ups and downs in the stock market lately... And if you’re like most traders, you’re tired of it!
Well, my friend and fellow trader Jack Carter has something exciting to share that could be a game-changer during difficult market conditions like these...
It's a hidden stock “calendar” that he recently discovered.
And he’s preparing to go live at 1 p.m. ET today, May 1, to reveal the calendar and 10 potential trades it’s highlighting right now!
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