25 Apr '23 at 8:36 am #57367
Dow -23.05 at 33852.26, Nasdaq -75.52 at 11961.67, S&P -21.19 at 4117.12
The stock market opened to losses with concerns about the bank industry back in play after First Republic Bank (FRC 11.60, -4.46, -27.5%) reported earnings, reflecting a 40% drop in deposits.
Other bank stocks are down in solidarity as evidenced by a 1.7% decline in both the SPDR Regional Bank ETF (KRE) and the SPDR Bank ETF (KBE).
Price action in commodity futures are another manifestation of growth concerns.
WTI crude oil futures are down 1.9% to $77.31/bbl. Copper futures are down 2.7% to $3.85/lb.