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Wall Street stocks were mixed early Monday as markets digested US authorities' takeover of the embattled First Republic Bank.
Shares of First Republic had tanked after it reported last week that it lost over $100 billion in deposits in the first quarter.
Financial authorities have since seized the bank and sold it to JPMorgan Chase, in hopes of bringing banking sector unrest to a close.
"I think it's a good deal," said Cresset Capital's chief investment officer, Jack Ablin.
He added that it would go "a long way to calm investors' concerns about turmoil in that market."
Shortly after trading began, the Dow Jones Industrial Average rose 0.2 percent to 34,149.67 while the broad-based S&P 500 was flat at 4,168.59.
But the tech-heavy Nasdaq Composite Index slipped 0.2 percent to 12,202.36.
The latest development surrounding First Republic came after the collapse of three midsized lenders including Silicon Valley Bank, sending shock waves across markets amid fears of contagion risks.
Looking ahead, investors will be eyeing the Federal Reserve's next interest rate decision this week along with key data releases such as employment numbers.
"Later this week we'll hear if the Fed thinks the case for more rate hikes is also less compelling than before," said Patrick O'Hare of Briefing.com.
He added that the market "appears primed" for the outcome of a rate hike and a pause signal, adding that it would be seen as a disappointment if the directive or Fed Chair Jerome Powell took a different tone.
