The KBW regional banking index fell 5.5% in its biggest daily percentage drop since March 13. Energy shares dropped along with oil prices as investors worried about a potential US debt default. The S&P 500 energy sector dropped 4.3%, the most of any major sector, followed by S&P financials, which fell 2.3%. With first-quarter reports over halfway through, analysts see aggregate earnings for S&P 500 companies declining 1.4% year-on-year, according to IBES data from Refinitiv Tuesday. The S&P 500 posted 17 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 46 new highs and 407 new lows.

Source: The Edge Markets May 03, 2023 10:34 UTC