Regional bank stocks, including PacWest and Western Alliance, hit new lows amid market fears.
TL;DR Summary
Regional bank stocks fell sharply on Tuesday, with PacWest falling 24% and Western Alliance dropping 20%. The SPDR S&P Regional Banking ETF (KRE) sank 7.6%. The steep declines deepened losses in the sector from Monday. Over the weekend, regulators seized troubled regional bank First Republic and sold it to JPMorgan Chase. The recent bank failures and expected regulatory changes in response to them have also raised questions about the long-term profit outlooks for mid-sized regional banks.
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