Stock Market Today: Stocks Struggle After JPMorgan Buys First Republic
It was a choppy day for stocks as investors considered another bank failure.


Stocks were choppy to start the new month amid reports that regulators seized First Republic Bank (FRC) over the weekend and that JPMorgan Chase (JPM) will buy the majority of the embattled regional lender's operations. While the news had a positive effect on JPM's share price, not all bank stocks closed higher today.
First Republic's woes have made plenty of headlines since the bank crisis unfolded in March with the failure of Silicon Valley Bank. The regional lender's problems only got worse when it reported earnings last week, revealing deposits plunged in the first quarter. Rumors of a potential takeover by the Federal Deposit Insurance Corp. (FDIC) began swirling last Friday, with the regulatory agency taking control of First Republic over the weekend – marking the second-largest U.S. bank failure on record.
What was even more noteworthy, perhaps, was that the FDIC quickly agreed to sell most of First Republic's assets to JPMorgan Chase, although it received bids from several other banks including Citizens Financial Group (CFG, -6.9%) and Fifth Third Bancorp (FITB, -1.5%), both of which ended lower today. JPM will assume all of First Republic's $92 billion in uninsured and insured deposits, as well as $173 billion in loans and $30 billion in securities. As part of the agreement, JPMorgan Chase will not take on any of First Republic's corporate debt or preferred stock.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"This part of the crisis is over," said Jamie Dimon, CEO of JPMorgan Chase, in the company's conference call on the takeover. "Everyone should just take a deep breath."
JPM jumped 2.1% on the news, easily making it the best Dow stock today. Several other financial stocks also gained ground, including Citigroup (C, +0.4%) and Wells Fargo (WFC, +1.6%). Trading on FRC stock was halted.
As for the major indexes, the blue chip Dow Jones Industrial Average slipped 0.1% to 34,051, the broader S&P 500 ended marginally lower at 4,167, and the tech-heavy Nasdaq Composite closed down 0.1% at 12,212.
Fed meeting, Apple earnings, jobs report on tap
Today's onslaught of headlines was just the beginning of a busy week on Wall Street. Outside of regional bank stocks, the next Fed meeting is top of mind for investors. Fed funds futures are currently pricing in a 92% chance that the central bank will raise interest rates by a quarter of a percentage point on Wednesday. But what Wall Street really wants to know is if this will be the end of the Fed's rate-hiking cycle or if the central bank is planning more rate hikes.
"The Fed will likely adjust the statement's language to indicate that they may pause continued rate hikes for the time being," says Jeffrey Hibbeler, director of portfolio management and senior portfolio manager for fixed income at Exencial Wealth Advisors. "Importantly, this will be contingent on the evolution of incoming economic data, and they will be prepared to adjust policy accordingly if needed."
In addition to the Fed meeting, this week's earnings calendar is jam-packed, with tech giant Apple (AAPL) the most notable name in the lineup. Friday's jobs report will also draw plenty of attention, with Goldman Sachs economists expecting the data to show payrolls expanded by 225,000 in April, slower than the 236,000 added in March.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stocks End Strong Month on a Down Note: Stock Market Today
There was likely a bit of profit-taking ahead of a historically weak September.
-
The New Rules for Student Loans
Whether you’re paying off education debt now or planning to borrow in the future, get ready for bigger payments and lower loan limits.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages – until it wasn't.
-
Tech Sells Off While Trump Stirs the Fed: Stock Market Today
We've reached another important part of earnings season, though markets remain captivated by the president, the Fed, and interest rate policy.
-
Dow Retreats From a Record High: Stock Market Today
Quietly rising since April, Home Depot stock was conspicuously constructive Tuesday as high-profile tech names dragged equity indexes down.
-
Nasdaq Ends the Week at a New High: Stock Market Today
The S&P 500 came within a hair of a new high, while the Dow Jones Industrial Average still has yet to hit a fresh peak in 2025.
-
Stocks Swing Lower as Eli Lilly, Fortinet Spiral: Stock Market Today
The main indexes finished well off their session highs after a disappointing batch of corporate earnings reports.
-
What Tariffs Mean for Your Sector Exposure
New, higher and changing tariffs will ripple through the economy and into share prices for many quarters to come.
-
Stocks Rally on Apple Strength: Stock Market Today
The iPhone maker will boost its U.S. investment by $100 billion, which sent the Dow Jones stock soaring.
-
Dow Dives 542 Points on Soft Jobs Data: Stock Market Today
The last day of a busy week ends with the first greater-than-1% move in either direction in more than a month.