PacWest Confirms Sale Talks
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 4 May 2023
⏱️ 12 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning, today is Thursday, and I'm your host Julie Morgan. |
| 0:11.0 | May the fourth be with you. As expected, the Federal Reserve boosted the policy |
| 0:16.7 | rate by 25 bases points. We're keeping an eye on Pack West. |
| 0:21.6 | Pack West attracted the most attention in after hours trading on Wednesday |
| 0:25.2 | for its talks of a sale. |
| 0:27.1 | Today is crypto Thursday. |
| 0:29.0 | The new Sui blockchain main net launch yesterday. |
| 0:31.6 | With that launch we have yet another layer 1 |
| 0:34.2 | blockchain native coin, SUI. Mike Fay is the investing group leader of |
| 0:39.0 | blockchain reaction on Seeking Alpha. He's our weekly crypto contributor and he says the price action in |
| 0:45.6 | suey has been brutal. Our top story. U.S. stocks lost ground during Wednesday's |
| 0:52.2 | trading as investors digested another interest rate hike |
| 0:56.0 | from the Federal Reserve. |
| 0:57.7 | The NASDAQ closed down 0.5%. The S&P 500 ended down 0.7% and the Dow finished down 0.8%. |
| 1:07.0 | All 11 S&P sectors ended in the red. |
| 1:10.0 | Energy paced the declines, dropping another 1.9%. |
| 1:14.1 | Elsewhere among the market segments, financials, and materials each posted losses of more than 1%. |
| 1:20.8 | Meanwhile, communication services and health care held up best closing with just |
| 1:25.6 | fractional declines. Wednesday's slide came as the US Central Bank announced |
| 1:30.5 | another quarter-point rate hike matching the move that Wall Street had widely expected. |
| 1:35.6 | Looking ahead, Fed Chair Jerome Powell stressed a data-dependent strategy ahead of the next policy decision, scheduled for mid-June. |
... |
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