"Fear over credit quality in U.S. regional banks rippled through markets on Friday, dragging global financial stocks lower and reviving memories of the crisis of confidence that shook sentiment just over two years ago. The selloff hit Wall Street, with main equities indexes seeing a mixed open, as investors stayed on edge with banking sector worries adding to anxiety already heightened by escalating U.S.-China trade tensions and renewed worries about the global economic outlook."
"Markets whipsaw Some of the largest U.S. banks fell in Friday trading, closing a week marked by broadly strong earnings on a dour note. The KBW Banks Index, which tracks large-cap banks, fell 0.4%. White House economic adviser Kevin Hassett said on Friday that banks have ample reserves and that he was optimistic that credit markets could stay ahead of the curve."
The selloff hit Wall Street with major equity indexes opening mixed as investors remained on edge. Banking sector worries compounded existing anxiety from escalating U.S.-China trade tensions and a weakening global economic outlook. Exposure to two recent U.S. auto bankruptcies rekindled concerns about lending standards more than two years after Silicon Valley Bank's failure, when high interest rates drove paper losses and triggered a global bank-stock rout. An overnight selloff spread across Asia and Europe, spotlighting the AI-led market surge and fears of a bubble. Some large U.S. banks fell, the KBW Banks Index dropped 0.4%, and broker stocks also declined.
Read at Fast Company
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