US stocks turn lower as regional banks begin to struggle | Forexlive

The KRE regional bank ETF has been trending lower in the past hour or so for reasons that aren’t clear. Earlier today, House speaker Kevin McCarthy said that blanket deposit insurance wasn’t on the table for now, so that couldn’t have helped.

Embattled bank First Republic is down 7.2% with yesterday’s gain now nearly completely erased.

The Nasdaq has been soft all day led by Google and chipmakers but the weakness has now spread to Apple, American Express and Tesla.

I would be careful to draw too many conclusions as we’re into the final stretch of the quarter and there may be some rebalancing at work.