June S&P 500 futures (ESM23) are up +0.34%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.15% this morning as market participants welcomed the news that First Citizens BancShares had agreed to acquire Silicon Valley Bank’s deposits and loans.
In Friday’s trading session, Wall Street’s major averages recovered from an early dip and ended moderately higher as bank stocks rebounded after the Financial Stability Oversight Council, convened by Treasury Secretary Yellen, said in a statement Friday afternoon that “while some institutions have come under stress, the U.S. banking system remains sound and resilient.” At the same time, investors continued to bet the Fed would pause its interest rate hikes at the next monetary policy meeting in May.
