Dow extends losing streak to fifth session amid bank volatility
U.S. stocks finished mostly lower on Monday, leaving Dow industrials with the fifth straight day of losses,...
U.S. stocks finished mostly lower on Monday, leaving Dow industrials with the fifth straight day of losses, as investors fretted over contagion risks even after regulators moved to inoculate the banking system from further runs on vulnerable financial institutions.
The Dow Jones Industrial Average DJIA finished down by 90.5 points, or 0.3%, at 31,819.14 in choppy trading.
The S&P 500 SPX ended down by 5.83 points, or 0.2%, at 3,855.76, for the third straight session of losses.
The Nasdaq Composite COMP closed up by 49.96 points, or 0.5%, at 11,188.84.
Last week, a selloff in bank stocks pulled down the broader market, leaving the S&P 500 with a 4.6% weekly decline and nearly wiping out the large-cap benchmark’s early 2023 gains. The Dow saw a 4.4% weekly fall, while the Nasdaq Composite declined 4.7%.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the crude complex and in the major equity futures. U.S. stock futures are lower, dragged by pre-market losses in the Financial and Energy sectors, as the market digests a range of headlines. Investors are also bracing themselves for tomorrow’s Consumer Price Report which should provide more color on the Federal Reserve’s policy path.
Oil futures on both sides of the Atlantic are trading down ~5% in early trading, pressured by concerns over a fresh financial crisis following the fall of Silicon Valley Bank. Investors are also worried the Federal Reserve will continue to hike rates at a faster-than-expected pace amid a resilient economy and high crude oil inventories in the United States. Brent crude oil is trading near its January lows, while WTI touched prices not seen since early December. Rising optimism around Chinese demand recovery and weakness in the dollar are helping to cap losses.
Natural gas futures are slightly lower as forecasts suggest weather is expected to turn warmer in the near term.
Former VP Mike Pence criticized his former boss Donald Trump for his ...
Former VP Mike Pence criticized his former boss Donald Trump for his actions on Jan. 6, 2021, saying, “his reckless words endangered my family and everyone at the Capitol that day, and I know that history will hold Donald Trump accountable.”
Eight people were killed when two migrant smuggling boats capsized in thick fog off the San Diego coast. It was one of the deadliest disasters ever involving migrants on US shores, authorities said.
As many as 500,000 Israelis protested the government’s planned judicial changes on Saturday night in what the Haaretz newspaper called the biggest demonstration in the country’s history.
March Madness:Let’s go dancing. The brackets are set for the men’s and women’s NCAA college basketball tournaments, which kick off later this week. Final Four picks for the men’s tourney: Alabama, Houston, Marquette, and UConn.
Inflation data: After getting mixed signals about the economy from Friday’s jobs report, the Fed will take a fine-toothed comb to the consumer price index, which drops tomorrow.
Biggg week for Irish pubs. Not only is March Madness kicking off, but Saint Patrick’s Day is on Friday. It’s basically an unofficial three-day weekend.
At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they...
At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they could have everything everywhere, at all once. The government’s propping up of SVB’s depositors means the US startup ecosystem will avoid an “extinction-level event,” as some startup leaders had warned.
Yesterday evening, the US government informed anxious SVB depositors that they’d have access to all the money they stashed with the lender today, even if the amount exceeded the $250,000 limit insured by the FDIC. In addition to backstopping depositors, the Fed is offering additional funding to some banks to limit the contagion from spreading across the banking sector.
The Fed’s aggressive actions, the scale of which we haven’t seen since early Covid, show how the implosion of Silicon Valley Bank on Friday could have quickly turned into a full-blown banking crisis when markets opened this morning.
