Customers outside an SVB branch in Wellesley, Massachusetts, after the White House guaranteed people would be able to access their funds Monday morning
Revelations 18:9-11 “The kings of the earth who committed fornication and lived luxuriously with her will weep and lament for her, when they see the smoke of her burning, 10 standing at a distance for fear of her torment, saying, ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’ 11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore
Important Takeaways:
- Bank shares plummet up to 74% in pre-market trading despite Biden’s guarantee scheme for SVB (Silicon Valley Bank) and Signature Bank – amid fears of a banking rout mount when stock market opens at 9.30am
- First Republic Bank’s shares dropped as low as $21.50 from a high of $81.76 amid fears of a banking rout when Wall Street opens trading at 9.30am
- Biden spoke shortly before 9am in an attempt to shore up trust in the sector after the White House yesterday guaranteed it would make SVB customers ‘whole’ and that ‘no losses will be borne by the taxpayer.’
- PacWest Bancorp’s stock tumbled 41 percent
- Western Alliance Bancorp’s shares slid 33 percent
- Bank of America’s stock fell 4 percent.
- The dollar slid too as Wall Street heavyweights such as Goldman Sachs predicted the Fed would no longer lift interest rates next week, capping the biggest three-day rally for short-dated Treasuries since 1987.
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