Gaotu Techedu Inc
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Consumer Discretionary : Diversified Consumer Services |
Based in China
Company profile

Gaotu Techedu Inc, formerly GSX Techedu Inc, is a China-based holding company principally involved in the provision of technology-driven education services. Through its subsidiaries, the Company is engaged in the provision of online K-12 after-school tutoring services. It also offers foreign language, professional and interest courses. The Company conducts its businesses in Mainland China.

This security is an American depositary receipt
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Last Trade
0.15 (6.17%)
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Bank stocks drop as FDIC flags challenges and strengths in quarterly report

11:08 am ET May 31, 2023 (MarketWatch)

The Federal Deposit Insurance Corp.'s quarterly banking profile report provided no lift to bank stocks, which fell sharply on Wednesday. FDIC Chairman Martin Gruenberg said banks "face significant downside risks from the effects of inflation, rising market interest rates, slower economic growth, and geopolitical uncertainty." The FDIC's first-quarter report included results in the banking sector up until March 31. The quarter ended only about three weeks into the regional banking turmoil that continued well into the second quarter after the FDIC took over Silicon Valley Bank on March 10. "These results...include the effects of only a few weeks of the industry's stress that began in early March, rather than over the course of the entire quarter," Gruenberg said. "The more lasting effects of the industry's response to that stress may not become fully apparent until second quarter results." Among bank stocks, PacWest Bancorp (PACW) dropped 5.3%, East West Bancorp Inc. (EWBC) dropped 4%, First Horizon Corp. (FHN) fell 5.3%, Citizens Financial Group Inc. (CFG) dropped 4.7%, Prosperity Bancshares Inc. (PB) is down 3.2%, KeyCorp (KEY) is down 5.6%, Metropolitan Bank Holding Corp. (MCB) is off by 6.6%, and Comerica Inc. (CMA) is down 5.9%. The KBW Bank Index is down by 3.2%, the Financial Select SPDR Fund (XLF) is down by 1.7% and the SPDR Regional Banking ETF (KRE) is down by 3.7%.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 31, 2023 11:08 ET (15:08 GMT)

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