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Stocks Were Extending Lows As Powell Discussed Bank Supervision

US STOCKS
  • Support for stocks waned as Chairman Powell discussed the bank's supervisory role. While early March bank failures "have now all been resolved and all depositors have been protected" Powell said the "resolution and sale of First Republic is an important step toward drawing a line under that period of severe stress."
  • Stocks have since bounced off late session lows: S&P E-Mini Future down 6.25 points (-0.15%) at 4130.25; Nasdaq up 19.1 points (0.2%) at 12098.18 while DJIA lags, down 117.39 points (-0.35%) at 33560.42.
  • Focus turns to quarterly earnings after the close, salient stocks include: Allstate, Equinix, QUALCOMM Inc, Cognizant Technology, Williams Cos, Albemarle Corp, MetLife Inc, Zillow Group Inc, Marathon Oil Corp, Ingersoll Rand Inc Etsy Inc, APA Corp.

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