US stocks closed slightly lower on Monday after US regulators seized First Republic Bank.
The S&P 500 closed down 2.15 points, or 0.05%, at 4,167.33. The Dow Jones Industrial Average closed down 50.42 points, or 0.15%, at 34,047.74. The Nasdaq Composite fell 14.83 points, or 0.12%, to 12,211.75.
US regulators on Monday announced the seizure of First Republic Bank and said it had been sold to JPMorgan Chase.
Shares of JPMorgan Chase closed up 2.16% at $141.20.
The acquisition of First Republic followed the collapses of Silicon Valley Bank (SVB) and Signature Bank in March.
Investors are also eyeing the next interest rate decision from the US Federal Reserve this week as well as key data such as the employment number.
The US central bank is widely expected to raise its benchmark lending rate for the tenth time.
US Treasury yields edged higher on expectations of an interest rate hike by the US Fed.
The yield on the 10-year Treasury rose to 3.56% from 3.43% late Friday. The yield on the 2-year Treasury rose to 4.12% from 4.02%.
A report from the Institute for Supply Management (ISM) showed on Monday that US manufacturing contracted for a sixth straight month in April but edged to a three-year low as new orders improved little and employment picked up.
The ISM said its manufacturing PMI rose to 47.1 last month from 46.3 in March, the lowest reading since May 2020. Canada
Canadian stocks declined on Monday, led by energy, real estate and technology stocks.
The Toronto Stock Exchange’s S&P/TSX composite index was down 21.44 points, or 0.1%, at 20,615.10.
Most markets in Europe remained closed on Monday for a public holiday.
Asia
Japan’s Nikkei 225 rose 0.9% to close at 29,123.18.
Stock markets in Hong Kong and Shanghai were closed for a holiday.
Australia’s S&P/ASX 200 index closed up 0.4% at 7,334.60-points. New Zealand’s benchmark S&P/NZX 50 index closed down 0.1% at 12,002.97.
oil prices
Oil prices declined on Monday after data from China raised concerns about a recovery in demand. West Texas Intermediate crude fell 1.1% to $75.91 a barrel.
bullion
Gold futures fell 0.5% to $1,989.10 an ounce.
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