Stock market news today

Red Section Separator By Betty Doe / July 23, 2020

Stocks crushed as banking fears rise, jobs report loom

the S&P 500 (^GSPC) was down 1.8%, the Dow Jones Industrial Average (^DJI) was off by 1.6%, or 542 points, and the Nasdaq Composite (^IXIC) was down by 2%.

"We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients as they invest in their businesses."

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Greg Becker, CEO of Silicon Valley Bank, said on a call with investors, "I would ask everyone to stay calm and to support us just like we supported you during the challenging times."

Becker also reportedly told investors the bank has "ample liquidity," but said that "if everyone is telling each other SVB is in trouble, that would be a challenge."

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This decline also weighed on regional banks, with the SPDR Regional Banking ETF (KRE) falling 8% while the SPDR Financial Sector ETF (XLF) fell some 4%.

Stock market news today

Stocks crushed as banking fears rise, jobs report loom

"We are taking these actions because we expect continued higher interest rates, pressured public and private markets, and elevated cash burn levels from our clients as they invest in their businesses."

Becker also reportedly told investors the bank has "ample liquidity," but said that "if everyone is telling each other SVB is in trouble, that would be a challenge."

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