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Stocks fell again on Friday as banking shares came under pressure in the wake of troubles at Silicon Valley Bank, a lender to the tech sector facing big bond losses.

The Dow Jones Industrial Average dropped 60 points, or 0.2%. The S&P 500 dipped 0.6%, and the Nasdaq Composite fell 1.1%.

SVB Financial tumbled again on Friday, dropping another 63% in the premarket  before being halted through the open. The stock has been under massive pressure after the company announced plans to raise more than $2 billion in capital in a bid to offset losses from bond sales. It was in talks to sell itself after attempts to raise capital failed, CNBC’s David Faber reported, citing sources.

The emergency at SVB hurt other banks as well as the broader financial sector, with the SPDR S&P Regional Banking ETF down more than 4%. Several banks were halted early Friday, including First Republic, PacWest and crypto-focused Signature Bank, which were all down by 22% to 38%.

Bellwethers Bank of America and Goldman Sachs fell by smaller amounts, losing about 2% each.

Wall Street is coming off a sharp downturn, with the Dow losing more than 500 points Thursday. For the week, the Dow is down 3.4% on the week, on pace for its worst week since September 2022. The S&P 500 is off 3.2% this week.

Traders also digested the February jobs report, which gave some hints that inflation could be slowing. Payrolls increased more than expected, but investors focused on the smaller-than-expected gain in wages, which could cause the Federal Reserve to rethink more aggressive on rate hikes.

Average hourly earnings increased by 0.24% last month, lighter than the 0.4% increase expected by economists polled by Dow Jones. Wages increased by 4.6% from a year ago, compared to the 4.8% estimate. The unemployment rate also ticked higher to 3.6% from 3.4%, adding credence to the argument of a cooling labor market despite the strong monthly payrolls number.

The 10-year Treasury yield dropped more than 14 basis points to 3.779% following the report. The spike in rates this year has weighed on stocks.


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