SVB Collapse Stops Big Fed Rate Hike Bets In Their Tracks, Hammers U.S. Stocks

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The Street

By Martin Baccardax Another hot jobs report should have consolidated bets on a 50 basis point Fed rate hike. Then came the SVB collapse. U.S. stocks gave up nearly all of their gains for the year Friday, extending a weeklong slump of nearly 5%, following the collapse of SVB Financial (SIVB) – Get Free Report, a California-based tech lender that’s shaken confidence in the domestic financial sector and sent investors fleeing from risk markets around the world. Silicon Valley Bank’s collapse, confirmed Friday by the effective takeover of its $209 billion in assets by the Federal Deposit Insurance…

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