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Tuesday, March 28, 2023

Wall Street joins the global trend and falls pushed by SVB

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US stock indices fall as much as 0.9% this Friday March 10 because the bank stocks deepened their slump after the SVB Financial’s efforts to raise capital fueled concerns about the health of the sectoreven though signs of a cooling job market eased some fears of rate hikes.

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The main Wall Street indices registered heavy losses in the previous session after startup-focused lender SVB Financial Group sold shares in to shore up its balance sheet.

Trading in SVB shareswhose efforts to raise money have failed, according to a CNBC article, it was discontinued on friday after what fell more than 40% before opening. The bank is in talks to sell itself, the report added.

Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina

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Among the main sectors of the S&P 500, the financial fell 2.8%Meanwhile he banks subindex lost 4.2%.

The closely watched Nonfarm Payrolls report showed that US economy added jobs in February as average hourly earnings increased 0.2% last month after 0.3% in January, and that the unemployment rate rose to 3.6%.

The data had been a focus for markets concerned that interest rates would rise aggressively following dovish comments from the Fed chair, Jerome Powellearlier this week.

A chill in the job market could persuade the Fed to moderate its approach to monetary policy.

Traders are now pricing the probability of a 50 basis point hike from the Fed this month at 28%, compared with a 50% probability before the figures were released.

He Dow Jones Industrial Average misses 156.67 points, or 0.49%, to 32,098.19 unitsMeanwhile he The S&P 500 was down 34.26 points, or 0.87%, at 3,884.06. He nasdaq composite drops 146.50 points, or 1.29%, at 11,191.86 units.

Source: Ambito

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