Regional bank losses lead to stock market slump

Stocks slumped on Thursday as markets reacted to the latest interest rate hike from the Federal Reserve and pressure on the regional banking sector ahead of Apple's highly anticipated earnings release. Shares of regional bank PacWest tumbled 50.62% after Bloomberg reported it was considering strategic options including a sale. Other regional banks followed PacWest lower. Meanwhile, Zions fell 12% as the reports weighed on the sector. The moves came a day after Federal Reserve Chair Jerome Powell said JPMorgan’s purchase of First Republic on Monday was “an important step toward drawing a line under that period of severe stress."