Tuesday saw a decline in the S&P 500 index following a three-day gain sparked by support measures for the banking industry and a deal for Silicon Valley Bank assets.

Bank stock prices rapidly recovered on Monday after First Citizens BancShares Inc. announced it would buy the deposits and loans of Silicon Valley Bank, whose failure earlier this month caused a selloff in the sector.

Shares of First Citizens climbed 3.5% after surging more than 50% on Monday.

While the major U.S. banks including JP Morgan Chase (NYSE:JPM) & Co, Bank of America (NYSE:BAC), and Citigroup (NYSE:C) were slightly up, the KBW regional banking index fell by 0.1%.

According to Art Hogan, chief market strategist at B Riley Wealth in Boston, “the fact that we have answers on Silicon Valley Bank, Signature Bank (NASDAQ:SBNY), and Credit Suisse indicates that we have more answers than questions.”

“But there are still enough unknowns that the market hasn’t really declared an all-clear signal yet.”

When they speak before Congress later on Tuesday, lawmakers are anticipated to put US bank authorities on the defence over the sudden bankruptcies of local lenders Silicon Valley Bank and Signature Bank.

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Treasury Department’s top regulatory officials will give testimony before congressional committees.

According to CME’s Fedwatch tool, money market bets have changed from being heavily weighted towards a no-hike scenario at the end of last week to being split between the Fed raising interest rates by 25 basis points and a pause at its policy meeting in May. Investors anticipate a subsequent sharp decrease in interest rates.

Later in the day, the Conference Board will release data on consumer confidence. It is anticipated that it will show that business conditions somewhat worsened last month, supporting the case for a more accommodating approach from the Federal Reserve.

The S&P 500 and Dow increased on Monday following the announcement of the SVB deal, while the Nasdaq Composite closed down, with a drop in firms with a technological focus driving the decline.

Apple Inc. (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL) Inc., Tesla (NASDAQ:TSLA) Inc., and Microsoft Corp. (NASDAQ:MSFT) all experienced losses between 0.6% and 2.5%.

The S&P 500 was down 8.01 points, or 0.20%, at 3,969.52 at 9:43 a.m. ET, while the Nasdaq Composite was down 77.11 points, or 0.66%, at 11,691.73 on the Dow Jones Industrial Average.

Alibaba (NYSE:BABA) Group Holding saw a 7.2% increase after the company announced its intention to divide its operations into six core groups: media, cloud, and e-commerce.

With the appointment of former Amazon.com (NASDAQ:AMZN) executive David Risher as its new CEO, Lyft Inc. (NASDAQ:LYFT) stock rose 6.7%.

Although the American pharmacy’s quarterly profit was above Wall Street projections, Walgreens Boots Alliance (NASDAQ:WBA) Inc. saw a 2.6% increase.

On the New York Stock Exchange, advancers outweighed decliners 1.26 to 1, while on the Nasdaq, decliners outnumbered advancers 1.15 to 1.

The Nasdaq posted 13 new highs and 40 new lows, compared to the S&P 500 index new 52-week highs and one new low.