Today, U.S. stock futures fell as concerns surrounding regional banks’ loan practices pushed investors away from riskier assets and toward safe havens.
Before the bell, Dow Jones Industrial Average futures dropped around 0.8%, while the S&P 500 declined 1.1%. Contracts on the Nasdaq 100 also fell 1.3%. The 10-year Treasury yield also dropped below the key 4% level.
Thursday’s record stock sell-off fueled a significant decline in bank stocks this morning as Zions Bancorp dropped over 1%, mirroring the decline of Western Alliance. Banc of California decreased by 3.6%. The SPDR S&P Regional Banking ETF (KRE) also fell by 1.4%.
The sell-off occurred after JPMorgan CEO Jamie Dimon’s warning about ‘cockroaches,’ indicating concerns about weaknesses in US borrowers’ creditworthiness. “I shouldn’t say this, but when you see one cockroach, there’s probably more. Everyone should be forewarned on this one,” Dimon said.
Today, Oracle has so far declined by 3.7% after the cloud computing giant, currently undergoing a leadership transformation, provided analysts with its long-term financial outlook.
During pre-market trading, the price of gold reached a new all-time high, surpassing $4,300 per ounce.
By CEO NA Editorial Staff
