Dow Plunges 500 Points As BlackRock Chief Warns SVB Collapse Merely ‘First Domino To Drop’

U.S. stocks plunged in early Wednesday trading as concerns about the health of the global banking industry continued to weigh on the market, with one high-profile Wall Street bigwig cautioning the contagion of Silicon Valley Bank’s failure could spread further than previously anticipated.AFP via Getty ImagesThe Dow Jones Industrial Average slipped 475 points, or 1.5%, by 11:15 ET, on pace for its fifth-largest daily loss of 2023; the S&P 500 and tech-heavy Nasdaq similarly slid 1.

The domestic losses come amid broad declines in stocks abroad, with the Zurich-based bank Credit Suisse’s 23%Also stoking concerns about the fallout of Silicon Valley Bank, Signature Bank and Silvergate Capital’s recent closures was a bleakto drop” before a potential “cascade throughout the U.S. regional banking sector with more seizures and shutdowns coming.”

Regional bank stocks captained Wednesday’s sinking ship, with share prices of PacWest sliding 13% and First Republic dropping 17%.its attention on keeping the banking industry afloat instead of bringing down consumer prices.$39 billion. That’s how much market value the 10 largest U.S. bank stocks lost Wednesday morning.their deepest concerns about how widespread the effects of the bank collapses would spread, even as some analysts warned to remain skeptical of the rally.

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