Following the Silicon Valley Bank closing that dominated headlines this weekend, multiple banks’ stock trading has been halted today due to volatility. Specifically, among those include Charles Schwab, Western Alliance, and First Alliance.
The development arrives after statements made by President Joe Biden today regarding SVB’s closure. Subsequently, the president assured the public that the banking system is safe, despite the closures that occurred over the course of the weekend.
Volatility Halts Several Bank Stocks
The closure of Silicon Valley Bank was a development that no one saw coming. Moreover, it presented a plethora of fear in the financial sector, representing the largest banking failure since the financial crisis of 2008. Now, as Signature Bank was also shut down at the end of yesterday, the market is responding.
News has broken that multiple banks’ stock trading has been halted due to volatility. Specifically, trading in Charles Schwab was halted by 18% due to volatility. Additionally, both Western Alliance and First Republic for “additional information,” at $12.40 and $28.56 respectively.
Earlier today, The Wall Street Journal reported the banking industry is “under siege,” at the stock market to start the day. Specifically noting “The Nasdaq KBW index of commercial banks was down 13% in early trading.” Additionally reporting that First Republic was down 66%, and PacWest Bankcorp was down 46%. Conversely, “large regionals were also down; Zions Bancorp was down 44% and Comerica was down 36%.”
Among those covered by the Wall Street Journal report, First Republic has halted already. There is little information currently, as the story is still developing. Currently, it is unknown if the list of halted banks stocks is likely to grow in the coming hour