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🆘SVB Financial $SIVB collapse explained 🥵
~ Just 24 hours ago $SIVB was trading at over $260/share it hit a low of $33.40 today
~ It is currently halted after being shut down by regulators & taken over by the FDIC
~ Largest bank failure since 2008
#banks #financialcrisis
🧵⤵️
~ Just 24 hours ago $SIVB was trading at over $260/share it hit a low of $33.40 today
~ It is currently halted after being shut down by regulators & taken over by the FDIC
~ Largest bank failure since 2008
#banks #financialcrisis
🧵⤵️
🚨 What happened? Here's the $SIVB story
~ Silicon Valley Bank parent company SVB Financial Group has collapsed after disclosing large losses from securities sales & a stock offering meant to provide a boost to its balance sheet
#BankCrash
🧵⤵️
~ Silicon Valley Bank parent company SVB Financial Group has collapsed after disclosing large losses from securities sales & a stock offering meant to provide a boost to its balance sheet
#BankCrash
🧵⤵️
⏺️ $SIVB helps fund technology startups backed by venture-capital firms
~ Rising interest rates, fears of a recession & a slowdown in the market for initial public offerings has made it harder for early-stage companies to raise cash
~ This led firms to draw down on their deposits
~ Rising interest rates, fears of a recession & a slowdown in the market for initial public offerings has made it harder for early-stage companies to raise cash
~ This led firms to draw down on their deposits
🚨False hope sell off ahead of key data 👀
• Silvergate $SI & SVB Financial $SIVB hurt banks $XLF $FAS $KBE $KRE
• Higher-than-expected initial jobless claims
• S&P 500 $SPY $SPX breaks its 200-day moving average
• Looking ahead to Friday
#marketstoday #marketnews #stocks
• Silvergate $SI & SVB Financial $SIVB hurt banks $XLF $FAS $KBE $KRE
• Higher-than-expected initial jobless claims
• S&P 500 $SPY $SPX breaks its 200-day moving average
• Looking ahead to Friday
#marketstoday #marketnews #stocks
📉 Bank stocks sold off sharply amid concerns of rising rates, higher deposit costs, & weaker loan demand that collided
- Silvergate Capital $SI is voluntarily liquidating Silvergate Bank
- SVB Financial $SIVB seeking to raise capital due to elevated cash burn from its clients
- Silvergate Capital $SI is voluntarily liquidating Silvergate Bank
- SVB Financial $SIVB seeking to raise capital due to elevated cash burn from its clients
📊 Initial jobless claims for the week were the highest claims levels since December
That teased the prospect of some softening in the labor market, as it marked the first initial claims reading above 200,000 in eight weeks 🤔
#jobs #joblessclaims
That teased the prospect of some softening in the labor market, as it marked the first initial claims reading above 200,000 in eight weeks 🤔
#jobs #joblessclaims
