Bank stocks plunged on Thursday as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
SVB Financial surprised investors with lowered guidance, a $2.3 billion capital raise, and a massive $1.8 billion loss from its bond portfolio.
“This is sending shock waves through the financials with the regional bank ETF lower by 8%,” NYSE’s Michael Reinking said.
Bank stocks were crushed on Thursday after implosions at Silicon Valley Bank and Silvergate Capital sent “shock waves” through the rest of the sector.
Mega-cap banks like JPMorgan, Bank of America, and Wells Fargo all fell more than 5%, while the regional banking sector sank by as much as 8%. The decline picked up steam throughout the trading day as shares of SVB Financial plunged as much as 62%. The KBW Bank Index fell 7.7%, its biggest decline since June 2020.
BREAKING: Peter Thiel's Founder's Fund has advised companies to pull money from $SIVB, per Bloomberg.
The stock was down 60.41% today and down another 8.63% after hours.
h/t @AyeshaTariq pic.twitter.com/wq6PPR5W9E
— Markets & Mayhem (@Mayhem4Markets) March 9, 2023
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