Marcus Today Pre-Market Podcast – Tuesday 28th March
US markets mostly up overnight. S&P 500 up on news First Citizens BancShares would take on deposits and loans of failed Silicon Valley Bank, while tech-heavy Nasdaq closed down after a bit of pullback in big tech. Treasuries weaker, with the 2-year yield back over 4%, and both S&P 500 Banks Index and KWB Regional Banking Index finished up 3.1% and 0.6%, respectively. Dow Jones up 195 points (+0.60%). Dow up 326 at best. S&P 500 up 0.16%. NASDAQ down -0.47%. VIX Volatility Index down 5.9%. In Europe, STOXX 50 +0.8% FTSE +0.9% CAC +0.9% DAX +1.1%. SPI Futures are up 29 points (+0.41%).
First Citizens BancShares has agreed to acquire all the deposits and loans of failed Silicon Valley Bank in a deal that includes the purchase of ~$72bn of SVBs assets at a discount of 16.5bn. Shares in First Citizens BancShares shares up 53.74% following the rescue of the largest bank collapse since the 2008 financial crisis.
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