Despite equity markets nearing the end of a strong first quarter corporate earnings season, concerns of lingering regional bank pressures, stubbornly high inflation expectations, and the debt ceiling standoff in Congress have collectively weighed on investor sentiment and pulled U.S. stocks lower last week.

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Despite a strong market rally on Friday following another upbeat labor market report, U.S. equity markets dipped lower last week as investor sentiment was weighed down by jitters over the stability of the regional banking space and the future of the Federal Reserve's monetary policy.

Banking system stress is in the headlines again following the failure of First Republic Bank (FRC), which surpassed Silicon Valley Bank (SVB) as the second largest bank failure in U.S. history with over $230B in assets at the end of the first quarter.

U.S. equities broadly moved sideways last week amid quiet trading activity as investors awaited a sharp pick-up in first quarter corporate earnings reports set to occur in the week ahead. Equity market volatility fell to the lowest levels since November of 2021 ...