⚠️BREAKING: *U.S. STOCKS END SHARPLY LOWER AS BANK SHARES PLUNGE; FED MEETING UNDERWAY $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
) tumbled sharply as worries about further stress in smaller lenders persist amid concerns that the backdrop of higher for longer interest rates will hurt banks exposed to long-duration assets including Treasuries and commercial loans.
While rising interest rates have strained many small and regional banks, Wells Fargo says it doesn’t anticipate a banking crisis as “the vulnerability to rising interest varies greatly across the banking industry.”as fears about the economy were exacerbated by fresh concerns the U.S. could default as early as June 1 if Congress doesn’t lift the debt ceiling.
Treasury Secretary Janet Yellen on Monday warned that the United States could run out of cash and default on its debt repayments as early as June 1. “The president and top Democrats want a “clean” debt ceiling increase, while Republican leaders are demanding any increase be tied to a reduction in spending,” Stifel said in a note.
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