5/1/2023, 3:30 PM (Source: TeleTrader)
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US hesitant at open amid banking jitters, Fed decision

Major US stock markets opened mixed as investors are processing early Monday news about First Republic Bank, but ahead of the key interest rate decision by the FED due on Wednesday.

Before the markets opened, First Republic Bank became the second-largest US banking failure. After weeks of uncertainty, US regulators declared it had authorized JPMorgan Chase & Co. to assume all of First Republic's $92 billion in deposits, insured and uninsured.

At 9:31 am ET, the Dow Jones gained 0.17%, with JPMorgan up by 3.19%. Meanwhile, the Nasdaq 100 fell 0.13%, Lucid Group was leading the flops, decreasing by 2.64%. The S&P 500 was flat as Global Payments dropped by 7.24%. First Republic Banks's shares were halted.

On the currency front, the euro improved by 0.06% against the dollar, selling for $1.10241 at 9:28 am ET.

Baha Breaking News (BBN) / JG