Equity markets tried to advance on Monday following news that First Republic Bank assets had been seized by regulators and sold off to the highest bidder. That bidder turned out to be JPMorgan Chase & Co, which was primarily responsible for the initial bailout. However, the market could not catch a bid due to lingering uncertainty about the financial sector. JPM CEO Jamie Dimon said this part of the crisis is over; in his words, only so many banks were offside, like First Republic. Now that its depositors are cared for, market participants can move on to the next crisis.

This week will be another test for the market. The earnings deluge will continue with reports from big tech, consumer favorites like Starbucks and staples like Kraft Heinz. The takeaway to date is that earnings are better than expected, but most companies continue to deliver weak guidance. The news of the week will come on Wednesday when the FOMC hikes rates by another 25 basis points and adds incremental pressure to the economy.