Dow falls for a fourth day as Silicon Valley Bank woes hit banking shares: Live updates
No S&P 500 stocks hit new 52-week highs on Friday amid the broader market slide.Regional banks are on pace to cap off their worst week since 2008, with the SPDR S&P Regional Banking ETF last down more than 19% for the week.
If shares close at this level, that would mark the worst week for the KRE since October 2008, shortly after the start of the Financial Crisis, when Lehman Brothers declared bankruptcy. As of 10:25 a.m. Friday, the KRE was down about 4%, led to the downside by declines from First Republic Bank, PacWest, Western Alliance and Signature Bank.Large cap tech names slid on Friday, with the S&P sector shedding 1%.
Microsoft shares slumped 0.7%, while Apple dropped 0.3%. The tech-heavy Nasdaq Composite was also the laggard among the three major indexes, declining 0.6%.Chip stocks also took their lumps, with the iShares Semiconductor ETF losing 0.9%. Nvidia and Advanced Micro Devices fell more than 1% each.
, parent of Silicon Valley Bank, is in talks to sell itself after attempts by the bank to raise capital failed.However, sources are now telling Faber that deposits outflows are so far outpacing the sale process, making it very difficult for a realistic assessment of the bank by potential buyers to take place,
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
Les mer »
Silicon Valley Bank Rocked, Bank Shares PlummetA financial free fall is happening right now in the Bay Area. One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
Les mer »
Bank stocks plunge after implosions at Silicon Valley Bank and SilvergateBank stocks plunge after implosions at Silicon Valley Bank and Silvergate Capital send 'shock waves' through the sector
Les mer »
Silicon Valley Bank drops another 45%, weighing on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Les mer »
Silicon Valley Bank drops another 60%, weighs on the bank sector againShares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday and weighed on the whole banking sector again.
Les mer »
Silicon Valley Bank launches new share saleSVB is an avatar for tech startup health, and right now it's calling for a doctor.
Les mer »