US stocks trade mixed as bank fears ebb with sale of SVB assets to First Citizens

• US stocks traded mixed on Monday as markets assessed the latest banking sector news.
• Reports over the weekend of further government support for banks sent shares higher on Monday.

US stocks were mixed on Monday as markets assessed the the sale of Silicon Valley Bank's assets to First Citizens Bank and digested reports of potentially more aid for banks from the government.

Major indexes were mostly higher throughout the day on Monday, with the Nasdaq giving up gains to end in the red.

First Citizens will acquire $72 billion of Silicon Valley Bank's assets for a $16.5 billion discount. The news spurred a rebound in regional bank stocks, which have been under pressure since SVB imploded earlier this month.

Also helping bank shares was a report from Bloomberg over the weekend that more government support could be offered to banks in part to help First Republic further stabilize. Shares of the California-based lender climbed 27% in early morning trading to end the day 12% higher. PacWest rose as much as 10% in the early morning, ending about 3% higher.

The Senate Banking Committee us set to hold a hearing on the recent banking sector turmoil on Tuesday. Eyes are also on key economic data releases this week, with investors expecting the Conference Board's Consumer Confidence report to roll out on Wednesday, and the Personal Consumption Expenditures index–the Fed's preferred inflation measure—to come out on Friday.

Here's where US indexes stood shortly after the close at 4:00 p.m. on Monday:

• S&P 500: 3,977.56, up 0.17%
• Dow Jones Industrial Average: 32,432.08, up 0.6% (194.55 points)
• Nasdaq Composite: 11,768.84, dow 0.47%

Here's what happened today:

• The CFTC sued Binance and co-founder Changpeng Zhao for allegedly violating trading rules.
• The Fed's economic outlook is "absurd," and there's no way to lower inflation while stabilizing the banking system, Wharton's Jeremy Siegel said.
• Tech stocks are now among the most overvalued after investors flocked to the sector for safety during the bank crisis, Barclays says.
• The banking turmoil is a win for stocks, as the Fed is opening the cash spigot, according to one top fund manager.
• IMF chief Kristalina Georgieva called for vigilance as risks to financial stability rise after banking turmoil.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil jumped 5.41% to $73.01 per barrel. Brent crude, oil's international benchmark, rose 4.23% to $78.16.
• Gold fell 1.3% to $1,958.10 per ounce.
• The yield on the 10-year Treasury surged 16 basis points to 3.54%.
• Bitcoin fell 2.68% to $27,079.33.