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Gross domestic product increased at an annual rate of 1.3% in the first quarter of 2024 after advancing 3.4% in the final quarter of 2023, according to the Bureau of Economic Analysis. The Federal Reserve Bank of Atlanta on June 7 projected second-quarter growth of 3.1%.

Investors have shifted their focus from concerns that a strong labor market would delay Fed policymakers' decision to cut interest rates to the benefit of a strong economy for banks, analysts said. They noted that, after raising rates several times in 2022 and early last year to combat inflation, Fed officials have kept rates flat since July and continue to signal that their next move is a rate reduction.