The broader markets slumped today as investors digested the latest unemployment figures. The jobless data suggests that the Federal Reserve Bank's campaign of rising interest rates -- its primary tool for fighting inflation -- may finally be having the desired effect. Unfortunately, it may not be enough to stop the Fed from increasing the pace and tenor of its interest rate hikes. Read More...
Barrons.com
Why SVB’s Bad News Clobbered Bank Stocks Like JPMorgan and Wells Fargo
Small things can lead to big reactions, and that seems to be the case with bank stocks on Thursday, as a huge loss at SVB Financial has caused stocks like JPMorgan Chase, Bank of America and Wells Fargo to get pummeled. Silicon Valley Bank’s parent, SVB Financial (ticker: SIVB), said Wednesday night that it had sold securities from its portfolio for a $1.8 billion loss, while also announcing plans to raise capital via an offering of common and preferred stock. SVB Financial stock tumbled 60% to $106.04 on Thursday, its largest drop ever.
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