Market Rollercoaster Ride: Banks, Jobs Report, and Dow Industrial Average Update

The markets have been on a rollercoaster ride this week, with a flurry of activity and developments that have sent shockwaves through various sectors.[0] In the banking industry, regional banks are feeling the heat as Silvergate Capital Corp (NYSE: SI) announced plans to wind down operations and SVB Financial Group (NASDAQ: SIVB) is for sale after a failed offering.[1] Shares of SIVB are down -$66.55 on the day or -62.76%, trading as high as $763.32 in November 2021, and as high as $348.06 on February 2, 2023.[2]

The February jobs report was a bright spot in the markets, with the U.S. adding 311,000 jobs, 38% higher than economists had expected.[3] Unemployment unexpectedly rose to 3.6%, while wage growth missed estimates. Wages climbed by 0.2% month-over-month (MoM) vs. +0.3% expected and were up 4.6% year-over-year (YoY) vs. 4.7% expected.[4]

The Dow Industrial Average fell -345.22 points or -1.07% at 31909.65, the S&P 500 closed lower by 56.73 points or 1.45 percent at 3,861.59, and the Nasdaq dropped 199.47 points or 1.76 percent to settle at 11,138.89.[5]

Other regional banks may also be at risk of collapsing due to the liquidation of their bond holdings, and the inability to sustain losses.[2] Companies like KeyCorp (KEY) and Geo Group Inc (GEO) in the sectors of Consumer Discretionary and Consumer Staples, respectively, are feeling the pressure of the markets.

As investors continue to assess the current market situation, it is important to stay informed and up-to-date with financial and business news from credible sources. Picture sourced from Pix[0]

0. “Stocks React To February Jobs Report: The Winners And Losers By Benzinga” UK, 10 Mar. 2023,

1. “Stocks React To February Jobs Report: The Winners And Losers – SVB Finl Gr (NASDAQ:SIVB), Silvergate Capi” Benzinga, 10 Mar. 2023,

2. “Forexlive Americas FX news wrap 10 Mar: SVB overshadows the jobs report” ForexLive, 10 Mar. 2023,

3. “Playbook PM: The good news that Jay Powell won't like” POLITICO, 10 Mar. 2023,

4. “The Silicon Valley Bank (SIVB) Meltdown Overshadowed the Jobs Report, Here's Why” Unseen Opportunity, 10 Mar. 2023,

5. “U.S. Stocks Tumble On Widespread Selling On SVB Collapse” RTTNews, 10 Mar. 2023,

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