15 Mins Ago
Regional bank stock ETF surged the most on Thursday since March
Whether because of a better inflation report, a bond market rally that lowered fixed income yields, a less inverted yield curve or the brighter outlook that the Federal Reserve will soon start lowering interest rates, a regional bank stock ETF on Thursday scored their best one-day advance since March 5.
The SPDR S&P Regional Banking ETF climbed 4.21% on Thursday, bringing this week’s gain to 8.41%. The S&P Composite Regional Bank index jumped 3.75% Thursday and is up 7.60% this week.
But a host of individual banks outperformed those benchmarks by wide margins. Eagle Bancorp of Bethesda, Maryland jumped 7.4% Thursday. Brookline Bancorp outside Boston and ServisFirst Bancshares of Birmingham, Ala. both surged 7.1%, Valley National Bancorp in suburban New Jersey climbed 7% and Tompkins Financial Corp. in Ithaca, New York added 6.8%.
So far this week, Valley National has risen 13.7%, Eagle Bancorp is up 13.3%, Tompkins Financial is ahead 10.7%, ServisFirst by 10.4% and Brookline by 10.3%.
See Chart…
SPDR S&P Regional Banking ETF over the past month.
15 Mins Ago
Private aviation company Wheels Up surges 20% as Russell 2000 jumps
The Russell 2000 had a big day, closing higher by nearly 3.6% as investors rotated into small-cap stocks. Wheels Up – a member of the index – saw its shares jump more than 20%.
Wheels Up, a provider of on-demand private flight services, is also enjoying a 111% gain in July, tracking for its best month ever.
Delta Air Lines is the largest shareholder of the company, holding 38% of its shares as of the end of March, according to FactSet.
Fellow Russell 2000-member Joby Aviation also caught a tailwind, rising 19.7% in Thursday’s trading. It was the best session for the stock since June 28, 2023.
—Darla Mercado, Gina Francolla
51 Mins Ago
