{"id":153,"date":"2023-03-11T08:02:23","date_gmt":"2023-03-11T14:02:23","guid":{"rendered":"https:\/\/enjoyingthisjourney.com\/market-rollercoaster-ride-banks-jobs-report-and-dow-industrial-average-update\/"},"modified":"2023-03-11T08:02:23","modified_gmt":"2023-03-11T14:02:23","slug":"market-rollercoaster-ride-banks-jobs-report-and-dow-industrial-average-update","status":"publish","type":"post","link":"https:\/\/enjoyingthisjourney.com\/market-rollercoaster-ride-banks-jobs-report-and-dow-industrial-average-update\/","title":{"rendered":"Market Rollercoaster Ride: Banks, Jobs Report, and Dow Industrial Average Update"},"content":{"rendered":"

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]<\/a><\/sup> 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]<\/a><\/sup> 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]<\/a><\/sup> <\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup> 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.<\/p>\n

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]<\/a><\/sup><\/p>\n

0. <\/span>“Stocks React To February Jobs Report: The Winners And Losers By Benzinga” Investing.com UK, 10 Mar. 2023, https:\/\/uk.investing.com\/news\/stock-market-news\/stocks-react-to-february-jobs-report-the-winners-and-losers-2946542<\/a><\/p>\n

1. <\/span>“Stocks React To February Jobs Report: The Winners And Losers – SVB Finl Gr (NASDAQ:SIVB), Silvergate Capi” Benzinga, 10 Mar. 2023, https:\/\/www.benzinga.com\/news\/large-cap\/23\/03\/31298181\/stocks-react-to-february-jobs-report-the-winners-and-losers<\/a><\/p>\n

2. <\/span>“Forexlive Americas FX news wrap 10 Mar: SVB overshadows the jobs report” ForexLive, 10 Mar. 2023, https:\/\/www.forexlive.com\/news\/forexlive-americas-fx-news-wrap-10-mar-svb-overshadows-the-jobs-report-20230310\/<\/a><\/p>\n

3. <\/span>“Playbook PM: The good news that Jay Powell won't like” POLITICO, 10 Mar. 2023, https:\/\/www.politico.com\/newsletters\/playbook-pm\/2023\/03\/10\/the-good-news-that-jay-powell-wont-like-00086580<\/a><\/p>\n

4. <\/span>“The Silicon Valley Bank (SIVB) Meltdown Overshadowed the Jobs Report, Here's Why” Unseen Opportunity, 10 Mar. 2023, https:\/\/www.unseenopp.com\/the-silicon-valley-bank-sivb-meltdown-overshadowed-the-jobs-report-heres-why<\/a><\/p>\n

5. <\/span>“U.S. Stocks Tumble On Widespread Selling On SVB Collapse” RTTNews, 10 Mar. 2023, https:\/\/www.rttnews.com\/3349716\/u-s-stocks-tumble-on-widespread-selling-on-svb-collapse.aspx<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/153"}],"collection":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/comments?post=153"}],"version-history":[{"count":1,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/153\/revisions"}],"predecessor-version":[{"id":154,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/153\/revisions\/154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media\/152"}],"wp:attachment":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media?parent=153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/categories?post=153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/tags?post=153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}