Stock market today: live updates

51 minutes ago

Regional banking stocks under pressure due to fears of banking crisis

Regional banking stocks plummeted last week as Wall Street became concerned about a widespread banking crisis.

The SPDR Regional Banking ETF (KRE) fell 6% on Friday and ended the week 14% lower. First Republic has been the worst performer among regional banks, with its share price down 72% since Friday’s close.

PacWest fell 19% during Friday’s trading session, while US Bancorp and Western Alliance fell 9% and 15% respectively.

— Hakyung Kim

An hour ago

UBS buys Credit Suisse in $3.2 billion takeover

UBS has entered into an agreement to buy its rival Credit Suisse for $3.2 billion. Swiss regulators played a key role in facilitating the deal in efforts to quell a contagion threatening the banking sector.

Credit Suisse saw its shares plummet last week after its largest investor, the Saudi National Bank, announced it would not provide additional funding to the Swiss company. Despite subsequent moves by Credit Suisse and Swiss regulators to calm investor fears including a loan of up to 50 billion Swiss francs ($54 billion) At the end of the week, shares plummeted 25.5%.

Under the deal, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they own. The combined bank will have $5 trillion in assets under management, according to UBS.

— Hakyung Kim

An hour ago

Warren Buffet talks to the Biden administration about the banking crisis

Berkshire Hathaway’s Warren Buffet has been in talks with senior Biden executives over the past few days about the crisis in the banking sector, according to a Reuters report. The billionaire investor has been an investor in the financial industry for a long time.

Details of the talks have not been disclosed. The White House and the US Treasury Department declined to comment on the talks, Reuters reported.

— Hakyung Kim

An hour ago

Stock futures open higher

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