Banking fears trigger market turmoil and credit rating concerns.
The Dow Jones fell over 500 points as banking fears spread across global markets, with the S&P and Nasdaq also slipping. Shares of Credit Suisse fell by as much as 30% after its biggest shareholder chose not to increase its funding, while US-based banks Wells Fargo and JPMorgan Chase also saw their stocks drop. The market is also grappling with the collapse of Silicon Valley Bank and Signature Bank, with investors wary of the banking fallout and what it means for the Federal Reserve’s interest rate-hiking campaign going forward and the overall stability of the financial sector.