Disney reported a fall in subscriber growth, while PacWest's latest woes sparked another rout in the regional banking sector.
plunged 25% after it reported a drop in deposits last week and pledged an additional $5.1 billion of its loans to the central bank.The index, which is down 32% this year, has witnessed a series of volatile sessions since March due to the banking crisis, which has led to the collapse of three regional lenders.
The U.S. Federal Deposit Insurance Corporation's said around 113 of the country's largest lenders willThe banking sector worries overshadowed that showed U.S. jobless claims jumped to a 1-1/2-year high last week, pointing to widening cracks in the labor market, which together with subsiding inflation could allow the Federal Reserve to halt further interest rate increases next month."There is an increasing sense that interest rates are going to be lower later this year. Without the debt ceiling uncertainty, the market would be moving to new highs," said David Russell, vice president of market intelligence at TradeStation.
Markets are keenly watching for any updates on raising the United States' $31.4 trillion debt ceiling, as the country races to avert an unprecedented default. "The fact is, nobody really knows what to make of it. The American sovereign debt is intermeshed throughout our entire financial system, so it is really impossible to know what will happen in the case of a default," Russell added.urged Congress to raise the federal debt limit and warned that a default could have severe repercussions on the global economy.
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