Thread by @SnowfishTrading

🚨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

📉 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

📊 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

🆘 All 11 $SPY sectors finished lower with losses ranging from 0.8% to 4.1%

~ Financials -4.1% were the worst-performing $FAS $XLF $KBE $KRE
~ Defensive-oriented utilities -0.8%
~ Consumer Staples -0.9%
~ Health Care -1.0%

🔔twitter.com/i/spaces/1BRJj…

#SnowfishDaily #marketstoday

⚠️ Friday market participants will receive February Employment Situation Report and the February Treasury Budget

~ Much better than expected numbers last month caused a big sell off hence the animosity today 😵‍💫

#FedData #jobs #adp #markets #rates