U.S. equity markets traded unevenly Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank on Friday, which has cast a pall over the...
U.S. equity markets traded unevenly Sunday afternoon, in the aftermath of the failure of Silicon Valley Bank SIVB, -60.41% on Friday, which has cast a pall over the banking sector and damaged market sentiment. Futures for the Dow YM00, +0.88% were off 70 points or 0.2%, those for the S&P 500 ES00, +1.26% were virtually unchanged, while those for the Nasdaq-100 futures NQ00, +1.35% were about 0.3%.
Over the weekend, the Federal Deposit Insurance Corporation was holding an auction for the assets of failed SVB Financial Group Capital, the parent of Silicon Valley Bank of California, according to reports. Discussions also were said to be underway involving the Federal Reserve to possibly create a fund to protect uninsured depositors.
Investors are assessing the SVB bank failure to see if it complicates the Fed’s plans to raise interest rates further and potentially faster than previously expected in its bid to tamp down inflation. SVB was closed by California regulators on Friday, in the second-largest in U.S. history, and taken over by the FDIC.
On Friday, the Dow Jones Industrial Average DJIA, -1.07% saw a 4.6% weekly fall, while the Nasdaq Composite COMP, -1.76% declined 4.7%. Investors sold stocks but piled into safe-haven U.S. Treasurys TMUBMUSD10Y, 3.705%, prompting a sharp retreat in yields, which move opposite to prices.
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.
Silicon Valley bites the hand that feeds it in SVB bank runSilicon Valley Bank was forced to shutter after its core depositors — startup companies — took their money out in a shocking bank run, leaving many...
Read more »
SVB shut down sends shockwaves through Silicon ValleyThe sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots.
Read more »
SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payrollThe sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots.
Read more »
Moody's downgrades credit ratings on Silicon Valley Bank, SVB FinancialRating's agency Moody's on Friday downgraded the ratings of SVB Financial Group and its bank subsidiary, Silicon Valley Bank.
Read more »
SVB Collapse: Silicon Valley Bank is biggest US bank failure since 2008 crisisSilicon Valley Bank is the biggest US bank failure since Washington Mutual during the 2008 financial crisis
Read more »