3/27, 2:04 PM (Source: TeleTrader)
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US markets set to open higher boosted by banking stocks

US stock futures traded higher in Monday's premarket session. Markets are reacting today to news that First Citizens Bank & Trust Co will acquire Silicon Valley Bank, according to a statement from the Federal Deposit Insurance Corporation (FDIC).

The optimism caused bank stocks to rally in early morning trading, with First Republic Bank climbing over 15%. In addition, driven by the same news, crude oil prices increased by 1%, while US Treasury yields went up, and gold and silver fell by 1%.

The Dow Jones was up 0.73% or 230 points at 8:02 am ET. At the same time, the Nasdaq 100 advanced by 0.45%, and the S&P 500 gained 0.73%. In parallel, the euro went up by 0.12% against the dollar, selling at 1.07732.

Baha Breaking News (BBN) / JG