The biggest U.S. banks stand to become even more powerful in the wake of the banking crisis — whereas regional banks could lose their foothold.
SVB hearings, major economic data, and some heavy hitters reporting earnings. There’s a lot going on in the week ahead. Here’s what you need to know: For the first time, members of Congress will grill top banking regulators over the collapse of Silicon Valley Bank and Signature Bank. Top officials from the Federal Reserve, FDIC, and Treasury Department are expected to testify on Tuesday and Wednesday on Capitol Hill, as lawmakers try to get to the bottom of why the banks failed. Wall Street will be watching this week for the latest round of economic figures. We’re set to receive 2022 Q4 GDP (final), PCE inflation data, consumer confidence, and fresh information on the health of the housing market. And big time market movers Walgreens (WBA), Carnival Cruise Line (CCL), and Lululemon (LULU) are primed to post their quarterly earnings. Investors will want to keep a close eye for news coming out of those reports. Find more of the latest earnings headlines here.
Citigroup (C) closed at $43.45 in the latest trading session, marking a -0.59% move from the prior day.