First Republic Bank's Stock Continues to Struggle Amidst Finance Sector Uncertainty.
First Republic Bank's stock fell as much as 6.6% in premarket trading, extending its slump for the fifth time in the last six sessions after Moody's lowered the bank's originator assessment. The financial turmoil spread to a European lender, Deutsche Bank, which slumped as much as 15%. US regional banking stocks also slumped, with PacWest Bancorp, Western Alliance Bancorp, and KeyCorp all dropping 3% or more before the bell. The banking crisis is far from over, and the impact on credit conditions and the economy will likely be felt over the next six months, said Peter Garnry, a strategist at Saxo Bank.