Stocks fell on Monday as Wall Street reacted to JPMorgan Chase's
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Early Monday, regulators closed First Republic and sold more of the San Francisco-based lender's operations to JPMorgan Chase, marking the largest bank failure since the 2008 financial crisis. JPMorgan CEO Jamie Dimon said the deal resolved much of the broader financial sector fallout that started with the collapse of Silicon Valley Bank in March.
"There are only so many banks that were offsides this way. There may be another smaller one, but this pretty much resolves them all; this part of the crisis is over," Dimon told shareholders during a call on Monday.
First Republic's collapse started last week after the bank reported that deposits fell more than 40% in the first quarter, triggering further declines in the lender's stock. Shares of the bank have fallen more than 95% year-to-date.
In economic news, U.S. manufacturing activity contracted for a sixth straight month in April, according to a report from the Institute for Supply Management on Monday. The ISM Manufacturing PMI rose to a better-than-expected 47.1% from March's reading of 46.3%. Still, all reading below the neutral level of 50 indicate contraction.
Elsewhere, Goldman Sachs
Looking ahead, the Federal Reserve kicks off its two-day policy meeting on Tuesday, with its latest decision set to be delivered Wednesday afternoon. Many stagiestists are expecting policymakers to raise benchmark interest rates by a 25 basis points.
The week ahead also will see earnings results from different sectors across the broader market including Apple