The first citizens held a great bargain

An exterior view of First Citizens Bank headquarters on March 27, 2023 in Raleigh, North Carolina.

An exterior view of the First Citizens Bank headquarters in Raleigh, North Carolina on March 27, 2023. Melissa Sue Gerrits | Getty Images News | Good pictures

This report is from today’s CNBC Daily Open, our new, international market newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, wherever they are.

As you see? You can subscribe Here.

Investors heave a sigh of relief, and it’s all about the banks.

First Citizens’ purchase of SVB’s assets is a bargain in monetary terms. More importantly, it signaled to the markets that despite SVB’s financial problems, there was still value in SVB’s reputation and relationship with its customers.

There is hope, then, of reviving a dead bank — something that can only happen in an environment conducive to such miraculous feats.

Another troubled bank, First Republic, rallied after reports that US authorities were considering giving the bank more time to boost liquidity. It may not take much longer, thanks to £30 billion in deposits pledged by a coalition of banks, but the outflow of deposits from smaller banks to larger firms has slowed in recent days, sources told CNBC’s Hugh Sun. .

KeyCorp, which has fallen about 60% since the start of the banking crisis, has a 68.6% chance of rising, according to Citi, which upgraded KeyCorp to buy from neutral.

The optimism was reflected in the SPDR S&P Regional Bank ETF ( KRE ), which rose about 0.87%. The major indexes — except for the Nasdaq Composite (more on that in a moment) — also closed the day in the green.

The Dow rose 0.6% and the S&P gained 0.2%. However, the Nasdaq composite fell 0.5%.

Tech stocks, which have posted sterling gains over the past two weeks as banks have struggled, are now facing difficulties of their own. Alphabet fell 2.83%, Apple lost 2.8% and Meta fell 1.5%.

Charles Schwab’s Liz Ann Saunders noted that the S&P 500 information technology sector’s valuation has risen more than 30% relative to the companies’ performance. This isn’t a sign that we’re returning to the epidemic days of high-tech valuations, but it’s something to keep an eye on as the banking crisis (hopefully) is contained.

Register Here Get this report sent straight to your inbox every morning before the markets open.

“Friend of animals everywhere. Coffee maven. Professional food trailblazer.

Twitter buff.”

adini-online listed on couponmatrix.ukbedworld listed on couponmatrix.ukbulk listed on couponmatrix.ukcolumbia listed on couponmatrix.ukdirect-ferries listed on couponmatrix.ukthe-craft-company listed on couponmatrix.uk
adini-online listed on couponmatrix.ukOffering timelessly stylish clothing to suit every occasion, Adini Online has spent more than 40 years establishing itself as one of the UK’s leading suppliers of gorgeous, eye-catching designs. Make sure to shop with an Adini discount code if you fancy picking up some beautiful clothing and accessories at equally beautiful prices. Adini Online is all about dazzling colour, bold patterns and amazing designs, so try it out today and get a little more sunshine into your wardrobe.
bedworld listed on couponmatrix.ukBedworld is one of the leading online retailers for beds, mattresses and bedroom furniture. They offer a wide range of products from leading brands at competitive prices. They also offer a range of kid’s bed frames and mattresses to suit every style! Bedworld offers a variety of discount codes to help you save money on your purchase. So if you're looking for a new bed or mattress, be sure to check out Bedworld.
bulk listed on couponmatrix.ukBulk™ is an iconic supplements brand helping you achieve your fitness goals. Make the most of a Bulk Powders discount code to save big on everything from vegan protein powders to high powered vitamins—whether you're looking to slim down, tone up or increase muscle mass, Bulk has a range of science-driven products to help you achieve your goals.
columbia listed on couponmatrix.ukThere ain’t no mountain high enough for Columbia to conquer. As experts in providing quality clothing, footwear and accessories for outdoor enthusiasts worldwide, all an avid traveller needs to see new sights without breaking the bank is the latest Columbia discount code from Groupon. Be it for a family trek around The Lake District or a private endeavour up peaks abroad, know that you can trust Columbia clothing to help you go the distance.
direct-ferries listed on couponmatrix.ukDirect Ferries is the leading aggregator site for anyone looking to cross by car or foot to or from any major port in Europe or Africa. With hundreds of routes and dozens of locations covered you can save yourself many hours of searching and quickly use them to compare the best deals. What's more, you can also use the Direct Ferries Discount code to lower the cost of your trip, freeing up extra cash to reduce the cost of your holiday, or enjoy some additional luxuries like an on-board gourmet meal.
the-craft-company listed on couponmatrix.ukThere’s an art to crafting the perfect cake, and at The Craft Company the art doesn’t stop with the baking. Host to cake decorations, icings, edible ornaments, special pastes and food colourings, it’s a creative heaven for cake making perfectionists. Just grab a Craft Company discount code and you’ll be topping up your cake decorating essentials for a pittance, leaving more green in the bank for your next baking budget.