Stock Market place Now: Shares Slide Ahead of Fed Announcement

On Monday, stocks took in stride news of the latest lender failure thanks to a quick takeover of Very first Republic Financial institution by JPMorgan Chase (JPM (opens in new tab), -1.6%). But right now, with the Fed on the cusp of another fascination charge hike, traders fretted that more chaos could be in store for the overwhelmed-down banking sector, which sent marketplaces into a tailspin.  

The Federal Reserve is widely expected to announce a 25 basis place (.25%) rate hike when it concludes its two-day coverage meeting tomorrow. This will be the 10th straight rate hike the central bank has issued considering that March 2021, which will carry its terminal rate to a assortment of 5.00%-5.25% – its maximum stage given that 2006.