Stocks suffered a volatile session as JPMorgan took over First Republic Bank
Wall Street finished lower after all three indexes spent much of the day wobbling on either side of breakeven. Front-and-center was JPMorgan Chase's (JPM) acquisition of failed finance giant First Republic Bank (FRC), as well as a slew of economic data. All eyes will certainly remain on the Fed, however, with its latest interest rate check due out Wednesday.
Continue reading for more on today's market, including:
- Bulls blast meme stock before quarterly report.
- Oil stock flashing pre-earnings bull signal.
- Plus, behind the SoFi stock pullback; auto giant reclaims key mark; and when bulls should strike on the SPX.
Things to Know Today
- An anonymous employee of American Edge Project, a large advocacy group that moves against tech antitrust reforms, said that its $34 million donation was from Facebook parent, Meta Platforms (META). (MarketWatch)
- Tesla (TSLA) CEO Elon Musk is set to pay $10,000 in a defamation lawsuit against a Twitter goer. (MarketWatch)
- Behind the SoFi stock post-earnings pullback.
- Auto stock that just reclaimed a key level.
- Schaeffer's V.P. of Research shares why now is the time for bulls to strike on the S&P 500.
Gold, Oil Shift Lower to Start May
Oil moved lower this afternoon following last week's back-to-back wins, with June-dated crude prices falling $1.12, or 1.5%, to close at $75.66 per barrel.
Gold moved to its lowest in over a week as investors await Wednesday's Fed meeting and the dollar strengthened. The June-dated commodity shed $6.90 or 0.4%, to settle at $1,992.20 an ounce.