CNBC Daily Open: What Silicon Valley Bank means for markets
Publishing timestamp: 2023-03-12 20:07:38
Summary
Two bank collapses, Silicon Valley Bank and Signature Bank, have sparked activity by financial regulators. The collapse of Silicon Valley Bank is the second-biggest bank collapse in US history, and the Federal Reserve has created a Bank Term Funding Program to lend money to the bank to ensure people can access their deposits beyond $250,000 and prevent widespread economic fallout. The collapse of Signature Bank, one of the main banks to the cryptocurrency industry, has also been cited as a systemic risk. The US jobs report released on Friday showed that nonfarm jobs growth in the US decelerated to 311,000 in February, lower than January's 504,000 but still more than the forecast of 225,000. The report was mixed, with some good news and some bad news for investors. The markets fell on Friday, hit by shockwaves from Silicon Valley Bank's collapse, but hopes for lower rates as a result of the collapse might be keeping markets afloat.
Sentiment: MIXED
Keywords: business news, markets, svb financial group, banks, world markets, jobs, federal reserve system, technology, federal reserve bank, jim cramer, jerome powell, economic events, signature bank,
Source: https://www.cnbc.com/2023/03/13/stock-markets-what-silicon-valley-bank-means-for-markets.html