If investors did not have enough to worry about following a subpar earnings season, untamed inflation, rates resulting in higher interest rates and increasing geopolitical tensions. Add in concerns over the solvency of US banks and you have a doomsday scenario.
The index was able to shrug off the negative news surrounding SVB Financial Group (NASDAQ: SIVB), until post lunchtime when reality set in.
The end result was a freefall ending in a decline of 75 handles at a closing print of 3920.
The biggest winner in the index was the smallest loser, which is never a good thing. That was Microsoft Corp (NASDAQ: MSFT) which declined by $1.38 or a half percent with a closing of $252.32.
That was well over one percent better than the cash index’s decline of 1.88%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser for the third day in a row. For the session, the issue declined by $9.08 or 5% with a closing price of $172.92.
