Stocks slip as bond yields rise, Warren Buffett stock jumps.
TL;DR Summary
US stocks fell and bond yields rose as investors monitored the latest developments in the banking sector after the sale of Silicon Valley Bank. Federal regulators were questioned regarding the collapse of SVB and Signature Bank, and all three regulators agreed that financial regulations need to be tightened following the recent turmoil. Bank sentiment turned sour, with regional and big bank stocks trading down. Meanwhile, there’s speculation that Charles Schwab could be the next name to follow in the banking sector’s troubles.
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