First Republic Bank shares slump 22% in afterhours on faster-than-expected deposits | MarketTalk: What’s up today? | Swi

Show notes

Tensions with China got brushed off yesterday after an official statement highlighted that China’s French Ambassador’s view that ex-Soviet countries don’t have independent status is his own personal opinion and doesn’t engage China.
On the earning front, Coca-Cola announced sparkling results yesterday, and the First Republic Bank saw its shares jump more than 12% before the results.
But unfortunately, First Republic Results, released after the bell, were not happy news for investors. The latest quarterly report showed that deposits at First Republic Bank fell by $72bn – more than expected.
The First Republic Bank shares slumped by more than 22% in the afterhours trading. The latter will likely spur the bank worries today at the open.
Elsewhere, according to FactSet, the S&P500 companies print the largest y-o-y decline in earnings since Q2 of 2020. But more than a fourth of the S&P500 companies have reported earnings so far, and nearly 70% of them beat earnings expectations.
The question is, could equity prices continue their rise in the jungle of higher recession odds, tighter credit conditions, high inflation and tightening Federal Reserve (Fed)?
Today, Microsoft and Alphabet will go the earnings confessional after the bell.
Listen to find out more!