⚠️BREAKING: *U.S. STOCKS END HIGHER ON MONDAY AS S&P 500 CLIMBS AMID DEBT CEILING OPTIMISM $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Still, despite the tech rally, concerns in the banking sector persist following data on Friday showing that U.S. commercial bank deposits fell for the second straight week, while lending activity also slipped following four weeks of gains.
“Corporate America goes to small and mid-term banks for loans, those loans are going to get harder to get. If companies can't get loans, or have a harder time getting loans, there’ll be less spending and the ripple effect goes on," Robert Conzo, CEO of The Wealth Alliance told Investing.com's Yasin Ebrahim in an interview on Friday.
Tighter lending standards will likely curb economic growth and help the Federal Reserve in its fight against inflation. “This banking turmoil absolutely will do some of the Fed's work,” Conzo added. “This story is very much unfolding because there's a lot of banks out there."
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