The halt to trading of Silicon Valley Bank (SIVB) shares is setting off a cascade of selling throughout the financial sector.
X
Shares of nine stocks in the financial sector of the S&P 500, S&P SmallCap 600 and S&P Midcap 400, including PacWest Bancorp (PACW), First Republic Bank (FRC) and Signature Bank (SBNY), Friday are down anywhere from 6% to 24% on the news.
Hardest hit is PacWest Bancorp. Shares of the Beverly Hills, Calif.-based commercial bank are down 24.2%. Investors are worried about the perceived risk of contagion, although there’s no proof at this point whatsoever that will occur.
Also hard hit is First Republic, another commercial bank based in San Francisco. Shares are off more than 20%.
So far, though, most large banks are taking the news in stride. The Financial SPDR Select ETF (XLF) is down just 1.3%.
Biggest Financial Losers In S&P 1500
| Company | Ticker | Index | % ch. day |
|---|---|---|---|
| PacWest Bancorp | (PACW) | S&P 400 | -24.2% |
| First Republic Bank | (FRC) | S&P 500 | -20.0% |
| Signature Bank | (SBNY) | S&P 500 | -13.7% |
| Customers Bancorp | (CUBI) | S&P 600 | -11.8% |
| Bank of Hawaii | (BOH) | S&P 400 | -7.5% |
| Axos Financial | (AX) | S&P 600 | -7.1% |
| B. Riley Financial | (RILY) | S&P 600 | -6.9% |
| Green Dot | (GDOT) | S&P 600 | -6.2% |
| East West Bancorp | (EWBC) | S&P 400 | -6.1% |
Sources: S&P Global Market Intelligence, IBD
Follow Matt Krantz on Twitter @mattkrantz
YOU MAY ALSO LIKE:
There’s A New World Order As 4 Big Stocks Like Tesla Fall To Pieces
