Silicon Valley Bank collapsed on Friday. Financial regulators stepped in on Monday to ensure people can access their deposits. What does this mean for markets?
and any potential fallout from SVB troubles will be what investors are looking out for next week. "It will be a major market mover and set the tone of the market," said Michael Arone, chief investment strategist at State Street Global Advisors.The February jobs report was supposed to be the news event of Friday. Then, a bank crash happened. Hard to beat that in terms of impact. There's a lot to unpack today, so bear with me.
Let's begin with the original protagonist of the day, the jobs report. At first blush, it's not promising for people worried about inflation. The number of jobs created was higher than the Dow Jones estimate. But go beneath the surface, and cracks in the foundation become apparent. Average hourly earnings didn't increase as much as forecast, while unemployment rate rose to 3.6%, above the expectation of 3.4%. In short: Some good news, some bad news, if you're an investor.
On its own, the jobs data was mixed enough for the Federal Reserve to consider hiking interest rates by half a percentage point. But wait — a bank crashed! And not just any regional bank, but Silicon Valley Bank, the go-to for venture-backed tech startups. We can think of SVB as the first victim of higher interest rates.
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