Contagion Fears Emerge From SVB Meltdown
The implosion of Silicon Valley Bank should serve as a reminder that bad stuff happens once the Fed starts breaking things..
Good morning contrarians! It is Friday, March 10.
Stocks sold off yesterday when it became clear that Silicon Valley Bank parent SVB Financial Group (SIVB 0.00%↑) is faced with what looks suspiciously like a classic bank run. SVB’s move to sell shares announced yesterday was the catalyst for the worst bout of selling. Bank stocks sold off around the world with the damage most acute among regional banks, as the SPDR S&P Regional Banking ETF (KRE 0.00%↑) dropped 8% on the day. More on all this below.
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