🆘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
🧵⤵️ 🚨 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
🧵⤵️

🚨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