News & Insights
Welcome to the FIA News & Insights, a one-stop resource that includes insights from senior investment professionals on timely market events, their views on the economy and their respective markets. Find updates on the latest media information on Frost Investment Advisors, LLC and the most recent reprints, as well as, archival information for your reference.
Wall Street struggled for direction on Tuesday as investors weighed receding concerns about a banking crisis, while Treasury yields rose amid focus on Federal Reserve's interest rate trajectory.
Shares of First Citizens BancShares Inc. climbed 3.7%, following a more than 50% surge on Monday after it said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. The KBW regional banking index added 0.3%, while among the big U.S. banks JP Morgan Chase & Co. was up 0.4%, while Bank of America was down 0.5%.
"The good news is that folks pulling deposits out, that's starting to taper off from a couple weeks ago and maybe some of those uninsured deposits are moving money around," said Jonathan Waite, fund manager at Frost Investment Advisors.
Excerpted from Reuters on March 28, 2023. To read full article, click here.
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