Wall St off session highs as investors weigh bank risks after SVB deal
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First Citizens to buy SVB assets; shares jump
Other regional banks pare gains
Tesla gains as Barclays forecasts upbeat deliveries
Indexes mixed: Dow up 0.57%, S&P up 0.2, Nasdaq down 0.39%
Updates prices, adds comment
By Amruta Khandekar and Ankika Biswas
March 27 (Reuters) -Wall Street's main indexes cut gains onMonday as investors assessed risks to the banking sector following a buyout deal forSilicon Valley Bank's assets, while a rise in Treasury yields pressured rate-sensitive technology and other growth stocks.
First Citizens BancShares Inc FCNCA.O will acquire parts of Silicon Valley Bank SIVB.O, which collapsed earlier this month in the largest bank failure since the 2008 financial crisis, unleashing fears about a liquidity crunch in the sector.
First Citizens' shares jumped 47.6%, while First Republic Bank FRC.N rose 15.4% following a report that U.S. authorities were considering more support for banks.
While the buyout of SVB's assets had lifted sentiment earlier in the day, the three main indexes came off session highsafter news that cryptocurrency exchange Binance and its CEO, Changpeng Zhao, were being sued over regulatory violations.
Crypto stocks such as Coinbase Global COIN.O, Marathon Digital MARA.O and Riot Platforms RIOT.O fell between 7% and 9%.
"We saw bitcoin roll over in the last few minutes here and you're seeing a lot of crypto stocks roll over with that," said Dennis Dick, a trader at Triple D Trading.
"There's just so much uncertainty here and every time we seem to get a rally, we find new sellers and that's because we don't know how far this banking crisis is going to go."
At 11:45 a.m. ET, the Dow Jones Industrial Average .DJI was up 182.40 points, or 0.57%, at 32,419.93, the S&P 500 .SPX was up 8.08 points, or 0.20%, at 3,979.07, while the Nasdaq Composite .IXIC was down 46.01 points, or 0.39%, at 11,777.95.
The KBW Regional Banking index .KRX was up 0.8% after erasingsome gains, whilethe S&P 500 Banks index .SPXBK rose 2.5%.
Regional banks Western Alliance Bancorp WAL.N and PacWest Bancorp PACW.O were up 4.9% and 4.4%, respectively.
Shares of major U.S. banks JPMorgan Chase & Co JPM.N, Citigroup C.N and Bank of America BAC.N, however, held on to gains of between 1% and 3%.
As U.S. Treasury yields rose on Monday amid some easing in bank contagion worries, major growth stocks Meta Platforms META.O, Microsoft Corp MSFT.O, Apple Inc AAPL.O and Alphabet GOOGL.O fell between 0.6% and 2.5%.
Among key S&P 500 sectors, information technology .SPLRCT and communication services .SPLRCL were in the red, while financial stocks .SPSY led sectoral gains, up about 1.4%.
Traders largely expectthe Federal Reserve to pauserate hikes in May in light of the banking crisis, though the bets of a no-hike scenario have come down to 60.6% from 83.2% on Friday, according to CME Group's Fedwatch tool.
Investors are also awaiting a host of economic data this week, including an inflation report that could give more clues about the Fed's monetary policy path.
Tesla Inc TSLA.O rose 2.0% with Barclays expecting the electric carmaker's first-quarter deliveries to beat estimates.
Advancing issues outnumbered decliners by a 2.67-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq.
The S&P index recorded 6 new 52-week highs and no new lows, while the Nasdaq recorded 36 new highs and 82 new lows.
Reporting by Amruta Khandekar and Ankika Biswas; Editing by Dhanya Ann Thoppil, Savio D'Souza and Vinay Dwivedi
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