The larger concern for markets is that all the turmoil for banks could cause them to pull back on their lending. Weighed down by much higher interest rates, banks are scrambling to assure Wall Street their deposits are secure and not at threat of seeing a sudden exodus, similar to the runs that toppled Silicon Valley Bank and others. They've been under heavy pressure as Wall Street hunts for the next weak link following the failures of three U.S. Western Alliance Bancorp was 3.1% higher after drifting down from a bigger morning gain. Several other smaller- and mid-sized banks also rose. It said on Friday night that it's cutting its dividend to help it build its financial strength. PacWest Bancorp rose 5.8% to recover some of its steep 43% plunge last week. jobs, which calmed worries about a possible recession but raised concerns about high inflation, last week was dominated by fears about smaller and mid-sized banks. Eastern time, while the Nasdaq composite was 0.2% higher.īesides a strong reading on U.S. The Dow Jones Industrial Average was down by 46 points, or 0.1%, at 33,627, as of 3:01 p.m. The S&P 500 rose 0.1% afternoon trading, coming off its worst week in nearly two months.

Wall Street is drifting Monday ahead of a week full of reports on some of the market's biggest worries, including how stubbornly high inflation remains across the economy.

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