Friday capped a negative week after Silicon Valley Bank collapsed entirely, while better-than-expected employment numbers in Canada triggered a sharp sell-off in New York and Toronto. SVB’s shut down was the biggest bank failure since the 2008 recession. The S&P closed -1.45% for the day, the Nasdaq -1.76%, and the Dow -1.07%. All three indices sank nearly 5% for the week.<\/p>\n
Regional U.S. banks slid the most, such as First Republic<\/a> tanking about 15% and the crypto-focused Signature Bank<\/a> plunging nearly 23%. Schwab<\/a> fell 11.69%. Among the few bright spots was Intel<\/a> gaining 2.95% and JP Morgan<\/a> adding 2.54%. The U.S. 10-year yield slipped to 3.7%, but Bitcoin<\/a> declined 1.5% to below $20,000. SVB’s failure overshadowed the latest jobs report which noted that February jobs beat expectations, but hourly wage increases fell short of predictions.<\/p>\n The contagion spread to Bay Street which also saw better-than-expected jobs numbers, which could encourage the Bank of Canada to resume raising interest rates. The TSX retreated 1.55% to fall below 20,000. All sectors were down, but some gold names shone, including Barrick<\/a>, up 2.28%, and Kinross<\/a> up 2.33%. Notable movers were Baytex<\/a> at -3.28%, Shopify<\/a> -3.6% and Brookfield Corp<\/a>. at -4.93%. However, WTI rose over 1% to $76.50 as WCS climbed above $60.<\/p>\n 🏛 First Republic Bank (FRC-N)<\/a> -15% Friday capped a negative week after Silicon Valley Bank collapsed entirely, while better-than-expected employment numbers in Canada triggered a sharp sell-off in New York and Toronto. SVB’s shut down was the biggest bank failure since the 2008 recession. The S&P […]<\/p>\n","protected":false},"author":12,"featured_media":174836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-316297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/316297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=316297"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/316297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/174836"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=316297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=316297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=316297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n🏛 Signature Bank (SBNY-Q)<\/a> -23%
\n🏛 Charles Schwab Corp (SCHW-N)<\/a> -11.69%
\n💾 Intel (INTC-Q)<\/a> +2.95%
\n🏛 JP Morgan Chase & Co (JPM-N)<\/a> +2.54%
\n🅱 Bitcoin (BTCUSD) (CRYPTO:BTC)<\/a> -1.5%
\n🥇 Barrick Gold (ABX-T)<\/a> +2.28%
\n🥇 Kinross Gold (K-T)<\/a> +2.33%
\n🛢 Baytex Energy Corp (BTE-T)<\/a> -3.28%
\n🛍 Shopify Inc. (SHOP-T)<\/a> -3.6%
\n🏛 Brookfield Corp (BN-T)<\/a> -4.93%<\/p>\n","protected":false},"excerpt":{"rendered":"