U.S. stock futures rose slightly Friday, as the market headed for a winning week after several major banks agreed to bolster First Republic.
as a sign of confidence in the banking system. Shares of the bank were down 11% in the premarket despite gaining nearly 10% in Thursday's session.borrow up to $50 billion francs"There's a push-pull in the market right now. The regional banking crisis is a huge negative for the economy and the market. But the overhang that existed prior to the banking crisis was an overly hawkish and irrational Fed," said Infrastructure Capital Advisors' CEO Jay Hatfield.
"Every Fed tightening cycle does expose a weakness in the economy. What we have here is a FDIC insurance debacle. We urge people to be a little bit cautious, particularly until we hear what the Fed has to say," Hatfield added. Traders will watch out for the preliminary reading of the consumer sentiment index from the University of Michigan, as well as industrial and manufacturing production to get a better grasp on the economy ahead of the Fed's meeting next week.Despite a prior rally after a group of banks said they would aid
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