![]() Per the CME Group's FedWatch tool, traders are pricing in a roughly 85% chance of a rate hike. The Fed's two-day policy meeting, which kicked off Tuesday, is expected to conclude with the central bank announcing another quarter-point rate hike on Wednesday. So in an area like the bank sector that already was under stress, we're also seeing greater unease because of these other contributing factors," said Greg Bassuk, CEO of AXS Investments. "We think that the concerns around the bank sector, combined with uneasiness regarding the debt ceiling - and most importantly, apprehension over the uncertain future Fed rate policy stance - are all contributing to this risk-off sentiment. Other large banks including Goldman Sachs and Citigroup also dropped more than 2%. A day earlier, JPMorgan shares rose after the takeover of embattled regional First Republic Bank. Meanwhile, JPMorgan Chase's shares shed 1.6%, giving back some of its gains from the previous session. ![]() Regional banks PacWest and Western Alliance declined 27% and 15%, respectively. Traders questioned the stability of smaller regional financial institutions after the crisis that engulfed Wall Street in March and brought about the end of Silicon Valley Bank and First Republic Bank. The three major averages fell for a second consecutive session.īank shares slid, with the SPDR S&P Regional Banking ETF dropping more than 6%. The Nasdaq Composite dropped 1.08%, ending the session at 12,080.51. The Dow Jones Industrial Average fell 367.17 points, or 1.08%, to end at 33,684.53. Stocks tumbled on Tuesday as traders' fears around contagion in the regional banking sector returned ahead of the Federal Reserve's rate decision. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
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