Stocks lower as bank worries persist.

Stocks were down in early trading as banks faced pressure after a consortium of 11 big US banks deposited $30bn into First Republic to stabilize the banking system. The S&P 500 was down 1.2%, the Dow Jones Industrial Average was off 1.4%, and the tech-heavy Nasdaq Composite fell 1%. The preliminary read on consumer sentiment from the University of Michigan showed inflation expectations falling to the lowest level since April 2021. The Treasury market will also remain a focus, with the 10-year yield standing near 3.48% early Friday, just over a week after topping 4%.