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Stocks up, oil slides, UBS is buying Credit Suisse and New York Community Bank to buy Signature Bank, Banking uncertainty driving crypto, Elizabeth Warren says Jerome Powell should no longer be Fed chair, and more financial news.
Stocks wavered early on Monday, but then ticked upward following news of purchases aimed at shoring up banking uncertainty.
S&P 500 futures were up 11.75 points or +030%, while Dow Jones futures climbed 124 points or +0.39%, and NASDAQ futures inched up 7.5 points or +0.06% as of 9:31 AM EST on Monday, Yahoo Finance reported.
Oil was down more than a percentage point from Friday’s close, oil price.com reported.
In oil futures, WTI crude was down -69 % and trading at $66.28 a barrel, while Brent crude was down -0.58%, and trading at $73.55 a barrel as of 8:34 AM CDT.
Treasuries were down early on Monday, then tended to yo-yo, with the benchmark US 10-Year Treasury down early on Monday, then notching up slightly +0.032 for a yield of 3.429%, while the 2-Year Treasury inched down -0.001 to yield 3.845%, as of 9:36 AM EDT.
New York Community Bank made an agreement to purchase a significant stake of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday, NPR reported.
In another big banking move on Sunday, Switzerland’s largest bank, UBS, made an agreement to purchase its ailing rival Credit Suisse and a $3.25 billion deal, a price that represents the value of about 60% less than what the bank was worth when markets closed on Friday, CNN reported.
The uncertainty in banking is driving crypto prices higher, with Bitcoin surpassing the $28,000 mark on March 19. Early on Monday, Bitcoin was bubbling just under that amount, at $27,905, CoinTelegraph reported. Ether was at $1,763, Litecoin was at $81.54, Solana was at $23.45, and Avalanche was at $17.31.
Senator Elizabeth Warren (D-MA) said during an interview with “Meet the Press” on Sunday that Jerome Powell should no longer serve as chair of the Federal Reserve following the collapse of two US banks that occurred under his watch, the Huff Post reported.
“He has had two jobs,” Warren said. “One is to deal with monetary policy. One is to deal with regulation. He has failed at both.”
