- US stocks fell on Friday as investor concerns about the current state of the US banking industry linger.
- Banks borrowed $165 billion from the Federal Reserve's backstop program to shore up liquidity.
- First Republic fell 20% after it cut its dividend, and SVB Financial filed for bankruptcy in New York.
US stocks edged lower on Friday as investors continued to worry about the current state of the US banking industry.
The Federal Reserve said late Thursday that $4 as they took advantage of their emergency backstop policies in a bid to shore up liquidity. The Fed's balance sheet rose by nearly $300 billion over the past week, essentially giving up half the progress it has made in reducing its balance sheet over the past year.
First Republic Bank shored up liquidity via a $30 billion capital infusion from major US banks like JPMorgan, Wells Fargo, Goldman Sachs, Morgan Stanley, and Bank of America, among others. Still, the deal $4 which fell 20% on Friday after it suspended its dividend.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
- S&P 500>$4: 3,948.19, down 0.31%
- Dow Jones Industrial Average>$4: 32,041.69, down 0.64% (204.86 points)
- Nasdaq Composite>$4: 11,697.80, down 0.17%
Here's what else is happening this morning:
- $4 protection on Friday, a week after former unit Silicon Valley Bank was shut down by regulators.
- $4 shares $4, losing hold of the previous day's rally in a sign investors aren't convinced the embattled Swiss banking giant is out of the woods yet.
- Russian fuel $4 with as much as 1.9 million barrels of its diesel stranded at sea.
- Billionaire investor $4 despite the turmoil caused by Silicon Valley Bank's recent failure.
In commodities, bonds and crypto: