First Republic Bank (FRC) experienced a massive drop in deposits in the first quarter, leading to a more than 20% drop in its shares, according to late-Monday earnings reports. The bank saw a 35.5% fall in deposits compared to last year, and $72 billion left during the quarter. This led to a total deposit of $104.5 billion as of March 31, well below FactSet projections of $145 billion. The bank’s CFO, Neal Holland, referred to the deposit outflow as “unprecedented,” with several banks closing in March.
Other notable earnings announcements this week include Amazon, Alphabet, Facebook-owner Meta Platforms, and Microsoft.
The stock market today remained stable, with the Dow Jones Industrial Average rising 0.2%, the S&P 500 rising 0.1%, and the Nasdaq composite dropping 0.3%. Notable stocks to buy and watch during this market rally include Crocs, DraftKings, and Lululemon Athletica, while JPMorgan Chase, Nike, and Visa remain Dow Jones stocks to watch.
Dow Jones futures were stable ahead of Tuesday’s open, with little change to the S&P 500 and Nasdaq 100 futures.
