The Federal Deposit Insurance Corporation (FDIC) has accepted a bid from JPMorgan Chase Bank to assume all deposits of First Republic Bank, the California Department of Financial Protection and Innovation (DFPI) announced early Monday morning. The San Francisco-based bank has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, and it was widely seen as the bank most likely to collapse next. LiveNOW's Andy Mac spoke with banking attorney Joseph Lynyak about First Republic Bank being taken over by JPMorgan Chase. More LiveNOW from FOX streaming video
The stock market slipped across the board Thursday, the day after the Federal Reserve announced another rate hike of 50 basis points. Willie Delwiche, an investment strategist with All Star Charts, spoke with LiveNOW from FOX's Josh Breslow about the situation.
Many analysts expect stocks to end 2023 around their current range, if not a bit higher. But before that, much of Wall Street is also forecasting stock prices to fall sharply in the interim.
Another rate hike is expected to be announced Wednesday afternoon. LiveNOW from FOX's Josh Breslow spoke with Greg McBride at Bankrate.com to explain what the increase means for your wallet.
The Dow Jones Industrial Average lost over 1,000 points on Thursday as investors wrestled with whether the Federal Reserve can successfully avoid a recession. The yield on the 10-Year Treasury was at 3.07% on Friday morning. Elsewhere, Under Amour shares fell sharply after posting a quarterly loss of $59.6 million or $0.13 per share compared to a profit of $77 million or $0.17 per share a year ago.