Worried about Silicon Valley Bank contagion? Strategist Kenny Polcari says there are some 'very good' stocks out there getting slammed for no reason.
The failure of Silicon Valley Bank sparked fears of contagion in financial markets, seeing investors flee equities and flock to safe-haven assets such as U.S. Treasurys and gold. Markets calmed somewhat Tuesday, and Kenny Polcari, chief market strategist at SlateStone Wealth, believes the worst of the equity sell-off is over. "I think today was the worst of it," he said Tuesday. "I think you may just have some churn now.
How to play it While investors are mostly shunning the banking sector in the short term, Polcari sees "some very interesting opportunities" within the space, particularly in regional banks. "All this chaos creates opportunities. Not for everything, but there are certainly some very good names that are not going to have a problem, that are getting slammed for no other reason other than they are in the industry," he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
Read more »
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.
Read more »
SVB’s Collapse Is Causing Chaos in India’s Tech SectorThe bank was popular among Indian founders who needed US accounts. But many have struggled to get their money out.
Read more »
Circle Business Operations to Resume Monday Morning: CEOJeremy Allaire assured investors of safety of their funds amid SVB chaos
Read more »
SVB Financial mulls strategic options, hires restructuring veteranDefunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
Read more »
US scrambles to prevent SVB collapse fallout, protects customer depositsUS Treasury official says the firms are not being bailed out and Silicon Valley Bank equity and bondholders would be wiped out, but depositors are being protected.
Read more »