Market Recap – March 9th
On Thursday’s trading day, investors began a sell-off as they continue to price predictions of a robust labor market and a 50-basis point hike this month. Following Fed Chair Jerome Powell’s hawkish rhetoric, all three indices finished in the red. The S&P 500 dropped 1.85%, the NASDAQ Composite went down 2.05%, and the Dow Jones fell by 1.66%.
Despite the large losses in broad markets, the biggest declines of the day were seen at SVB Financial Group, which fell 60.41% after the firm reported losing $2 billion on selling assets. Wednesday evening, crypto bank Silvergate Capital reported it was shutting down all operations after continuous struggles, sending shares of the company down 42.16%.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.