Inflation will persist at nearly 4% for years to come due to the “dramatic changes in financial markets,” cautioned Blackrock CEO Larry Fink as stock futures plunged.
U.S. stocks plunged in pre-market Wednesday trading as concerns about the health of the global banking industry continued to weigh on the market, with one high-profile Wall Street bigwig cautioning the contagion of Silicon Valley Bank’s failure could spread further than previously anticipated.
The domestic losses come amid broad declines in stocks abroad, with the Zurich-based bank Credit Suisse’s 21%Also stoking concerns about the fallout of Silicon Valley Bank, Signature Bank and Silvergate Capital’s recent closures was a bleakto drop” before a potential “cascade throughout the U.S. regional banking sector with more seizures and shutdowns coming.”
Regional bank stocks captained Wednesday’s sinking ship, with share prices of PacWest, Comerica and First Republic each falling more than 8% in premarket trading.its attention on keeping the banking industry afloat instead of bringing down consumer prices.their deepest concerns about how widespread the effects of the bank collapses would spread, even as some analysts warned to remain skeptical of the rally. Stocks had previously crashed in the prior three trading sessions, with the 10 largest U.
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