Dow Falls 150 Points After FDIC Reveals Record Plunge In Bank Deposits
Topline Concerns about the American banking system’s health yet again sent the stock market tumbling Wednesday, as one major index appears poised to post one of their weakest May returns of the millennium. It's been a challenging May for investors not exposed to the AI-driven tech rally. AFP via Getty Images Key Facts The Dow Jones Industrial Average fell 0.5%, or 150 points, by 1:45 p.m. ET, while the S&P 500 and the tech-heavy Nasdaq slid 0.5% and 0.4%, respectively. Headlining the skid were bank stocks: All 15 of the largest U.S. banks by market capitalization dropped 1% or more in Wednesday trading, losing $30.9 billion in value. Investors’ loss of faith in bank stocks came after the Federal Deposit Insurance Corporation revealed bank deposits fell 2.5% during the first three months of 2023, the largest decline since regulators began tracking the metric 39 years ago. The FDIC noted Wednesday the 8.2% reduction in the volume of deposits above the FDIC-gua