CNBC Daily Open: JPMorgan rides to the rescue
Publishing timestamp: 2023-05-01 19:30:58
Summary
JPMorgan Chase won the auction for First Republic Bank after US regulators took possession of it. The takeover is seen as a good deal for JPMorgan, and investors are waiting for the Fed meeting and Apple's earnings. The failure of First Republic Bank is not unexpected, and the intervention of some sort seemed obvious ever since First Republic reported last Monday it had lost 40% of its deposits in the first quarter.
Sentiment: NEUTRAL
Tickers: AAPL, FRC, BRK.A, JPM,
Keywords: berkshire hathaway inc, interest rates, regional banking, apple inc, jpmorgan chase & co, markets, jamie dimon, charlie munger, business news, world markets, first republic bank, banks, federal reserve bank, united states,
Source: https://www.cnbc.com/2023/05/02/stock-markets-jpmorgan-rides-to-the-rescue.html