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Stocks close lower, Nasdaq misses bear-market exit as risks at regional banks, rate hikes take focus

Market Snapshot Last Updated: May 1, 2023 at 4:37 p.m. ET First Published: May 1, 2023 at 5:47 a.m. ET Federal Reserve is expected to deliver a quarter-point rate hike on Wednesday The FDIC’s deposit-insurance fund will likely take a $13 billion hit as JPMorgan Chase snaps up First Republic Bank. Getty Images U.S. stocks

stocks-close-lower,-nasdaq-misses-bear-market-exit-as-risks-at-regional-banks,-rate-hikes-take-focus

Market Snapshot

Federal Reserve is expected to deliver a quarter-point rate hike on Wednesday

The FDIC’s deposit-insurance fund will likely take a $13 billion hit as JPMorgan Chase snaps up First Republic Bank.

Getty Images

U.S. stocks closed lower on Monday, giving up modest early gains, after it was announced that JPMorgan Chase & Co. would purchase much of failed First Republic Bank.

Some analysts left open the possibility of further turmoil in the regional banking sector, as investors turned their focus to this week’s Federal Reserve policy meeting.

What happened

Stocks…

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