Stocks have been hammered in the past few days following the collapse of SVB Financial Group and peer Signature Bank and on fears of risks to other banks from sharp interest rate hikes by the Fed.
Investors are hoping that the threat of a financial crisis will force the central bank to ease up on monetary tightening.
“In light of the weekend’s events, I don’t think it could have been a more perfect number. It’s showing that inflation is trending the way that the Fed has kind of expected and wanted,” said Kim Forrest, chief investment officer, Bokeh Capital Partners, Pittsburgh.First Republic Bank jumped 52.7% before trading in its shares was halted for volatility. Shares of peer Western Alliance Bancorp were also halted.
Shares of ride-hailing companies Uber Technologies and Lyft rose 7% and 8.6% respectively, after a California state court revived a ballot measure allowing app-based services to treat drivers as independent contractors rather than employees. United Airlines Holdings fell 6.2% after the carrier on Monday forecast an unexpected loss in the current quarter.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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Dow futures unsteady as stock-market investors watch efforts to avert SVB-inspired bank crisisU.S. equity markets traded unevenly Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank on Friday, which has cast a pall over the...
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SVB collapse: Dow opens down more than 300 points amid bank failure falloutThe market is reacting to Silicon Valley Bank's failure on Monday morning, with major indices in the red and shares of several smaller banks collapsing.
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First Republic drops 60%, leads decline in bank stocks despite government's backstop of SVBFirst Republic Bank led a decline in bank shares Monday that came even after regulators extraordinary actions Sunday evening.
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U.S. stocks open lower after government intervenes following collapse of SVB, Signature BankU.S. stocks opened lower Monday after the government took steps to support the banking system after the collapse of Silicon Valley Bank on Friday sparked...
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