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Regional Banks Slump on Loan Worries While Data Storage Stocks Surge Amid AI Demand
Regional Banks Slump on Loan Worries While Data Storage Stocks Surge Amid AI Demand
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BTCCSquare news:
Regional bank stocks faced significant pressure as Fifth Third Bancorp and Regions Financial led decliners in the S&P 500, both sliding nearly 6%. The selloff followed Zions Bancorporation's disclosure of a $50 million charge for bad loans and Western Alliance's revelation of fraudulent borrower exposure. Meanwhile, data storage and memory chip stocks rallied sharply after Wall Street analysts raised price targets, citing robust AI-driven demand.
Micron Technology, Western Digital, and Seagate Technology emerged as standout performers. The sector's strength contrasts with broader market weakness, as the Nasdaq slipped 0.5%, the S&P 500 fell 0.6%, and the Dow dropped 0.7% amid ongoing U.S.-China trade tensions and earnings season volatility.
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