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Briefing.com Summary:

*All eyes on regional banks after quarterly reports from several members of the group

*Many economic reports facing continued delays

*S&P 500 seeking support near 50-day moving average 

The stock market had a poor showing on Thursday as a new batch of concerns about the health of regional banks weighed on investor sentiment. These concerns remain in place this morning, leaving futures a bit below fair value.

Zions Bancorp (ZION 49.05, +2.12, +4.52%) and Western Alliance Bank (WAL 71.50, +1.18, +1.68%) have received a lot of attention, though the entire regional bank sector has been subjected to selling. Last evening, FT reported that banks have received over $15 billion from the Fed's standing repurchase facility over the past two days, which is the highest total since the start of the coronavirus pandemic.

To be fair, a handful of banks like Comerica (CMA 74.94, +1.09, +1.48%), Fifth Third (FITB 41.20, +0.84, +2.08%), Regions Financial (RF 24.00, +0.65, +2.78%) reported above-consensus results this morning, which could be seen as a comforting factor. Consumer lender American Express (AXP 327.53, +4.41, +1.36%) also beat expectations.

The early weakness will put the S&P 500 back near its 50-day moving average (6558), a level that offered support last Friday.

Many economic data releases remain delayed by the ongoing government shutdown, but participants should still receive the September Industrial Production (Briefing.com consensus 0.1%; prior 0.1%) and Capacity Utilization (Briefing.com consensus 77.3%; prior 77.4%) report from the Federal Reserve at 9:15 ET.

Things are relatively calm in the Treasury market after yesterday's rally with the 10-yr yield up two basis points at 3.99%.

Editor's note: The Industrial Production report for September has also been delayed by the government shutdown