Markets were remarkably quiet following the second-biggest bank failure in U.S. history. Investors are waiting for the Fed meeting and Apple's earnings.
. However, there might still be short-term turbulence on the way for bank stocks and deposits — along with long-term challenges like tighter banking regulations.Markets were remarkably quiet following the second-biggest bank failure in U.S. history. The major indexes lost ground, but only marginally.
One reason was that First Republic's failure — and takeover by a bigger bank — was not unexpected. An intervention of some sort, in fact, seemed obvious ever since First Republic reported last Mondayin the first quarter, while its net interest income dropped 30% year over year. That sort of numbers simply aren't sustainable.
Now, however, "the wall of worry may ease," said Wells Fargo banking analyst Mike Mayo in a note to clients. "Resolving FRC should end the 7-week post SVB bank crisis phase."
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