Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Following the resolution of ailing lender First Republic, banking analyst Christopher McGratty was hoping for a calm day. However, the regional bank stocks he covers for KBW began plunging minutes after the start of regular trading on Tuesday. McGratty had left his desk to see a client in Manhattan, thinking it was an orderly day, but returned to find his screen completely red and 40 emails and 10 voicemails waiting for him.
The unexpected selloff in regional banks, which began with the failure of Silicon Valley Bank in March, has caught Wall Street analysts and investors off guard. They are now looking for the next domino to fall in the market.
2023-05-03 10:56:53
Article from www.cnbc.com