CNBC Daily Open: What SVB means for markets
Publishing timestamp: 2023-03-13 21:28:22
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 collapse of Signature Bank is significant as it is one of the main banks to the cryptocurrency industry. The US jobs report for February showed nonfarm jobs growth decelerated, but was still more than forecast. The collapse of Silicon Valley Bank caused US stocks to tumble on Friday, but hopes for lower interest rates as a result of the collapse may be keeping markets afloat. All eyes will be on the health of regional banks in the days ahead.
Sentiment: MIXED
Keywords: markets, signature bank, svb financial group, federal reserve system, goldman sachs group inc, jim cramer, economic events, jerome powell, federal reserve bank, banks, business news, technology, jobs, world markets, interest rates,
Source: https://www.cnbc.com/2023/03/13/stock-markets-what-svb-means-for-markets.html