Wall Street Declines: Interest Rates and Bank Stocks to Blame

Major indexes on Wall Street opened lower on Thursday, following the collapse of First Republic Bank's shares amid concerns over a banking crisis, while sentiment was also affected by the European Central Bank's interest rate hike. The Dow Jones Industrial Average fell by 46.92 points, or 0.15%, to 31,827.65 points. The S&P 500 opened down by 13 points, or 0.33%, at 3,878.93 points, and the Nasdaq Composite dropped by 49.18 points, or 0.43%, to 11,384.87 points.