First Republic Bank stock falls
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Stock Price: After reporting its first-quarter results on Monday, First Republic Bank fell more than 20% in overnight trading. Figures: The bank saw a 40% decline in deposits in Q1 despite a $30B injection from other financial groups to shore up the bank's finances and prevent a bank run. Revenues fell 13.4% year-over-year despite considerable growth in the last three quarters. Response: First Republic Bank said it plans to slash its staff by 20-25% and reduce executive compensation to cut costs.
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US Markets US stocks were mixed on Monday, and futures fell slightly overnight, ahead of earnings reports from major tech companies. - Alphabet and Microsoft will both announce their earnings after the closing bell today.
- UPS, 3M, Verizon, Jet Blue, McDonald's, PepsiCo, and GM are all reporting results this morning.
- The current 10 Year U.S. Treasury yield is set at 3.47870%
| Dow Jones | 33,875.40 | 0.20% | | S&P 500 | 4,137.04 | 0.09% | | Nasdaq | 12,037.20 | -0.29% | | Russell 2000 | 1,788.87 | -0.15% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Data shows that consumers are becoming more optimistic about the real estate market as there are fewer signs of an impending recession. - The Canadian Confidence Index has increased for five consecutive weeks, reaching 50.4 last week, its highest level since June 2022.
- 75% of Canadians think home prices will remain steady or rise in the next six months.
- Home prices increased in March 2023 for the first time in a year.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks closed slightly down on Monday, but sectors were mixed in their performance. - The Stoxx 600 lost 0.01% on Monday.
- Financial services stocks led gains with a 0.6% increase.
- Technology stocks were the worst performing, falling 1.1%.
- Philips surged 14% after reporting better-than-expected earnings.
| Euro STOXX 50 | 4,401.80 | -0.15% | | UK (FTSE 100) | 7,912.20 | -0.02% | | Germany (DAX) | 15,863.95 | -0.11% | | France (CAC 40) | 7,573.86 | -0.04% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices fell on Tuesday morning after rising on Monday. - Brent and U.S. West Texas Intermediate both gained just over 1% on Monday.
- Both benchmarks fell around 0.2% early on Tuesday as investors are concerned about slowing economic growth.
- Monday's rise was linked to forecasts of strong fuel demand ahead of May Day, a Chinese holiday that typically leads to a travel surge.
| Oil (NYSEARCA:OIL) | 30.10 | 2.80% | | Gold (NYSEARCA:GLD) | 184.81 | 0.30% | | Silver (NYSEARCA:SLV) | 23.08 | 0.44% | | Corn (NYSEARCA:CORN) | 24.30 | -0.45% | | Lumber (NASDAQ:WOOD) | 71.42 | -0.03% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose on Monday as the Euro dropped amid expectations of another hefty interest rate hike by the ECB. - An ECB board member told Politico that the bank could potentially announce a 50-basis point rate hike.
- The Yen fell ahead of the Bank of Japan meeting this Friday.
- Investors are currently pricing in an 88% chance of a 25-basis point interest rate hike by the Federal Reserve, followed by a 50-basis point cut spread throughout the second half of 2023.
| UK(GBP) | £0.80 | -0.32% | | Europe (EURO) | €0.90 | -0.60% | | Canada (Canadian Dollar) | $1.35 | 0.05% | | Japan (Yen) | ¥134.30 | 0.25% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Crypto prices slowly retreated over the past week, after Bitcoin failed to firmly recapture the $30,000 psychological threshold. - Zimbabwe reportedly plans to introduce a new gold-backed cryptocurrency. The central bank would accept the local currency, the Zim Dollar, in exchange for the new digital currency.
- Standard Chartered Bank still believes there is a route to $100k for Bitcoin this year due to the halving event.
- Do Kwon is trying to have the SEC charges against him dismissed by arguing that UST is a currency and not a security.
| Bitcoin | $27,373.90 | -0.75% | | Ethereum | $1,830.81 | -0.62% | | Litecoin | $87.61 | -0.80% | | Bitcoin Cash | $118.68 | -1.00% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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