Thomson Reuters
- US stocks dropped Thursday, with regional banking stocks still moving lower.
- Western Alliance Bancorp is the latest bank to receive warning about a potential credit rating downgrade.
- The Federal Reserve launched its latest rate-tightening campaign 1 year ago.
US stocks fell Thursday, with regional bank stocks still under pressure on concerns about depositors while expectations about what route the Federal Reserve will take in interest rates next week continue to shift.
The S&P 500's gain for the year has been whittled to 1.4% after the index climbed by more than 8% last month. The index on Wednesday briefly erased its advance for 2023, with markets shaken up by a rout in bank stocks.