The Silicon Valley Bank collapse marked the second biggest bank failure in the US, after the 2008 financial crisis. Although bank deposits remain intact, shareholders are not protected. Shares of the parent company’s SVB Financial Group have plummeted over 70%, currently at $106.04.
The S&P 500 slid 56 points to 3,861. The Nasdaq 100 traded 165 points lower at 11,830, and the Dow Jones Industrial Average declined 345 points to 31,909.
Meanwhile, US nonfarm payrolls in February increased by 311,000, against Mitrade's estimates of 205,000. On the other hand, the unemployment rate also climbed to 3.6%, higher than the expected 3.4%. Mixed signals in the labor market and a shell-shocked financial market drove up safe-haven demand, with spot gold adding $36 to $1,867.24 an ounce.
The dollar then weakened against its peers. EUR/USD increased 63 pips to 1.0643, and AUD/USD rose 51 pips to 0.6641. GBP/USD surged 103 pips to 1.2028, as UK GDP recorded 0.3% month-on-month growth in January, which rose past the market consensus of 0.1%. USD/CAD slipped 62 pips to 1.3765, and USD/JPY fell 116 pips to 134.98.
WTI oil futures moved up $0.90 to $76.68 a barrel. Bitcoin and Ethereum recovered to $22,476.0 and $1,606.70 respectively.
The S&P 500 slid 56 points to 3,861. The Nasdaq 100 traded 165 points lower at 11,830, and the Dow Jones Industrial Average declined 345 points to 31,909.
Meanwhile, US nonfarm payrolls in February increased by 311,000, against Mitrade's estimates of 205,000. On the other hand, the unemployment rate also climbed to 3.6%, higher than the expected 3.4%. Mixed signals in the labor market and a shell-shocked financial market drove up safe-haven demand, with spot gold adding $36 to $1,867.24 an ounce.
The dollar then weakened against its peers. EUR/USD increased 63 pips to 1.0643, and AUD/USD rose 51 pips to 0.6641. GBP/USD surged 103 pips to 1.2028, as UK GDP recorded 0.3% month-on-month growth in January, which rose past the market consensus of 0.1%. USD/CAD slipped 62 pips to 1.3765, and USD/JPY fell 116 pips to 134.98.
WTI oil futures moved up $0.90 to $76.68 a barrel. Bitcoin and Ethereum recovered to $22,476.0 and $1,606.70 respectively.