First Republic stress is way softer than SVB’s! | MarketTalk: What’s up today? | Swissquote

Show notes

Wednesday was a good trading session for Big Tech, but a bad session for the rest.
Microsoft jumped more than 7% and Facebook’s Meta jumped 12% in the afterhours trading after the company announced better-than-expected sales.
Nasdaq 100 eked out a 0.64% advance, but the S&P500 slid 0.38% as the continued selloff in First Republic Bank (FRC) and the mounting stress regarding what will happen to FRC and how the other banks will be impacted led to a risk-off selloff in all sectors except the technology.
The probability given to a 25bp hike for next week’s FOMC meeting is being pulled lower since the start of this week. It is now around 70%, while the odds were up to 90% when the week started – before the FRC revealed its results.
US yields are under the pressure of the banking woes, again, although any banking stress that would result from the FRC situation could be relatively rapidly contained.
Today, US GDP update and Amazon earnings (after the bell) will be in focus.
Listen to find out more!