CNBC Daily Open: Markets sold off before the monthly U.S. jobs report
Publishing timestamp: 2023-03-10 01:33:34
Summary
Investors are selling before the release of the monthly U.S. jobs report, with economists predicting strong job growth, low unemployment, and rising hourly earnings. U.S. stocks fell, with the banking sector hit particularly hard. European markets also traded lower. Cryptocurrency prices fell after Silvergate Bank announced its liquidation. Banks stocks sold off sharply, with SVB Financial plunging and regional banks also taking a hit. The S&P financial sector had its worst day since June 2020. Initial jobless claims hit a one-year high, suggesting the labor market might be cooling, but economists still predict sustained strength in employment.
Sentiment: NEGATIVE
Tickers: WFC, BAC, PACW, FRC, SBNY,
Keywords: bank of america corp, pacwest bancorp, netherlands, signature bank, first republic bank, cryptocurrency, world markets, economic events, markets, technology, jobs, banks, business news, wells fargo & co,