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Stock futures rose slightly Monday, putting Wall Street on track to build on last week’s gains.
Futures for the Dow Jones Industrials sprang up 241 points, or 0.7%, to begin the last Monday of March at 32,675.
Futures for the S&P 500 hiked 30.5 points, or 0.8%, to 4,031.75.
Futures for the NASDAQ Composite jumped 55.25 points, or 0.4%, to 12,945.50.
Regional banks rose broadly. First Republic was the best-performing stock in the fund, surging more than 28.9%. PacWest also gained more than 11%.
The health of the U.S. banking system also weighed on investors over the course of the week, with a particular focus on First Republic, PacWest and other regional financial institutions. Media reports circulated over the weekend that the deposit outflow from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days.
First Citizens Bank also agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said overnight. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.”
In Japan, the Nikkei 225 gained 0.3% Monday, while in Hong Kong, the Hang Seng capsized 1.8%.
Oil prices advanced 88 cents to $70.14 U.S. a barrel.
Gold prices dropped $30.80 to $1,953.00 U.S. an ounce.
