CNBC Daily Open: The bank rout continues. The Fed might still raise rates anyway
Publishing timestamp: 2023-03-13 19:27:12
Summary
Bank stocks continue to suffer after Silicon Valley Bank's collapse, despite additional funding from the Federal Reserve. President Biden stated that investors in banks will not be protected, as that is how capitalism works. European markets were also affected by the collapse. The yield on 2-year Treasury dropped significantly as investors sought safer assets amid contagion across the banking sector. The pharmaceutical industry saw some positive movement due to Pfizer's acquisition of Seagen, but markets and analysts still expect the Fed to go through with rate hikes.
Sentiment: NEGATIVE
Tickers: KEY, C, GS, FRC, JNJ, SBNY, PFE, SCHW, BAC, SGEN, MRNA, LLY, WAL, SIVB,
Keywords: markets, western alliance bancorp, svb financial group, first republic bank, economic events, federal reserve bank, business news, bank of america corp, joe biden, signature bank, citigroup inc, world markets, pfizer inc, goldman sachs group inc, keycorp, central banking, banks, interest rates, charles schwab corp, moderna inc, eli lilly and co, seagen inc, johnson & johnson,
Source: https://www.cnbc.com/2023/03/14/stock-markets-the-bank-rout-continues.html