June S&P 500 futures (ESM23) are up +0.04%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.05% this morning as market participants digested JPMorgan’s takeover of First Republic’s assets while looking ahead to the Federal Reserve’s upcoming interest rate decision as well as Friday’s nonfarm payrolls report.
The California Department of Financial Protection and Innovation said Monday it had taken possession of First Republic Bank (FRC), resulting in the third failure of an American regional bank in two months. The Federal Deposit Insurance Corporation has been appointed as receiver and accepted a takeover offer from JPMorgan Chase (JPM) to assume all deposits, including all uninsured deposits and “substantially all assets” of the ailing lender.
