Bank Bloodbathery Sparks Widespread ‘Risk Off’
First Silvergate, now Silicon Valley Bank, Signature Bank, and Silly old JPMorgan – all getting hammered lower for various financial and reputational reasons…
SIVB has lost over half its value amid heavy losses on startup investments…
Signature bank is down over 10% on crypto fears…
And JPMorgan is dumping on Staley/Dimon headlines…
All of which is dragging Financials lower…
Smashing the major equity indices into the red…
The S&P busted back below its 50DMA and is heading towards the 100- and 200-DMA…
And bond yields tumble in a flight to safety. 10Y Yields are down 10bps….
2Y yields are down 19bps!
Bitcoin puked back down to $21,000…
Of course, all this will be reversed if we see a big miss on payrolls tomorrow.
And of note, we are seeing short-term rates drift notably dovishly…
Do STIRs know something about tomorrow’s NFP? As a reminder, the S&P 500 has had a standard deviation of some 1.51% on the day before payrolls.
Tyler Durden Thu, 03/09/2023 – 14:03
Source: https://freedombunker.com/2023/03/09/bank-bloodbathery-sparks-widespread-risk-off/
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