The Dow tumbled more than 200 points as the trading environment was weighed down by a slump in banking stocks.
As of 8:46 p.m. Thai time, the Dow Jones Industrial Average was 31,662.83 points, down 221.74 points or 0.7%.
Banking stocks led the market down today.
Shares of First Republic Bank (FRB), the US regional bank, plunged more than 30%, pressured by the US government shutdown of Silicon Valley. Silicon Valley Bank (SVB) and formerly Signature Bank (SB).
Other shares in regional US banks also fell. While investors are concerned that the collapse of SVB and SB will have a pervasive effect on US regional banks.
FRB is the bank with the third highest volume of non-government guaranteed deposits behind SVB and SB, with FRB total deposits of $176 billion as of Dec. 31, 2022.
In addition, FRB share price has slumped nearly 75% since early March.
Moody’s Investors Service, US credit rating agency Announced to downgrade the credit rating of the US banking system from “stable” to “negative”, warning that although the US authorities issued measures to contain the SVB and SB crisis, other banks with unrealized losses or depositors who do not receive a deposit guarantee will continue to face risks
