US Markets U.S. stocks fell on Friday due to the collapse of Silicon Valley Bank, which suffered a bank run after heavy losses in bond sales. - The collapse of Silicon Valley Bank is the largest failure by a financial institution in the U.S. since the Great Recession.
- Following Friday's losses, the Dow lost 4.44% last week. The S&P 500 fell 4.55% last week and the Nasdaq dropped 4.71%.
- The current 10 Year U.S. Treasury yield is set at 3.70540%
| Dow Jones | 31,909.64 | -1.07% | | S&P 500 | 3,861.59 | -1.45% | | Nasdaq | 11,138.89 | -1.76% | | Russell 2000 | 1,772.70 | -2.95% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
| |
Canadian Markets Canadian banks, largely considered the most stable in the world, lost $19.7B in value as investors reacted to the failure of Silicon Valley Bank. - Bank of Nova Scotia (which operates under the Scotiabank brand), Toronto-Dominion Bank (operating as TD), and Bank of Montreal (operating as BMO) all fell more than 2% on Friday.
- The decline in Canadian banks, which fell more than any other sector on Friday, is largely attributed to their exposure to U.S. subsidiaries.
- Canadian banks have recently been purchasing U.S. banks to expand and capture value in a larger market with a weaker banking system. For example, TD is in the later stages of acquiring First Horizon, which experienced a 10% decline in deposits in H2 2022.
- Shopify was down significantly but did not make any public statements; the company is a major client and partner of Silicon Valley Bank.
- Analysts believe that Canadian banks' balance sheets will not be significantly impacted. While Americans tend to move money out of banks when the economy falls due to their history of failure (as evidenced by a 2% decline in deposits in U.S. banks in H2 2022), Canadians tend to deposit more money in their banks, which are more stable than the country's equity markets (as evidenced by a 5% increase in deposits in Canadian banks in H2 2022).
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
| |
 A message from VENDASTA It costs around 5x more acquiring a new client than retaining an existing one. Onboard your clients efficiently. The onboarding process is one of the first experiences your clients have working with you and your agency, so ensuring it’s efficient as well as personalized is important. There’s 9 essential steps to follow to onboard new clients successfully every time. They include: - Signing on your new client
- Defining onboarding tasks and dynamic due dates
- Setting up a welcome email series
- Sales handoff and introductions
Download the guide below and access the remaining critical steps to onboarding agency clients. Unlock the included checklist and give your clients the best onboarding experience that will set them up for success working with your agency. Get the guide
| |
European Markets European markets were down on Friday as the sell-off in the banking sector negatively impacted them. - The Stoxx 600 closed down 1.5% on Friday. Bank stocks led losses by falling nearly 4% and financial services dropped 2.8%.
- Major banks, including Deutsche Bank, Barclays, Swedbank, Commerzbank, and HSBC, were all down more than 5%.
- Data from the U.K. showed that the country's economy grew 0.3% in January versus December.
- Food and Utilities were the only sectors to finish in the green on Friday.
| Euro STOXX 50 | 4,229.53 | -1.32% | | UK (FTSE 100) | 7,748.35 | -1.67% | | Germany (DAX) | 15,427.97 | -1.31% | | France (CAC 40) | 7,220.67 | -1.30% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
| |
Asian Markets Stocks in Asia were down on Friday as investors in the region were also negatively impacted by the decline in the banking sector. - Chinese stocks fell significantly after Xi Jinping was confirmed for a third term as President.
- The Japanese Parliament confirmed the appointment of Kazuo Ueda as the next governor of the Bank of Japan.
- On Thursday, the Bank of Japan left its negative interest rates unchanged.
| S&P Asia 50 | 4,430.09 | -2.49% | | Japan (Nikkei 225) | 28,143.97 | -1.67% | | South Korea (KOSPI) | 2,394.59 | -1.01% | | China (Hang Seng) | 19,319.92 | -3.04% | | India (SENSEX) | 59,135.13 | -1.12% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
| |
 A message from LAIKA How Laika Can Help Your Company Become SOC 2 Compliant Laika's Compliance-as-a-Service solution helps companies automate every part of information security compliance. In this guide, you'll learn how to navigate the complex field of SOC 2 compliance from start to finish. Learn what is SOC 2 and why it matters for your startup, how to prep for SOC 2, and what time and cost to expect. Download the guide to turn compliance from a pain point into a secret weapon. Download the guide 
| |
Commodities Oil prices rose on Friday in response to better-than-expected employment data in the United States. - Brent crude gained 1.5% on Friday and U.S. West Texas Intermediate crude rose 1.3%.
- Both benchmarks lost more than 3% last week.
- Non-farm payrolls rose by 311,000 in February, above the 205,000 expected by analysts.
- President Biden's budget proposal would eliminate subsidies for the U.S. oil and gas industry that are worth billions of dollars.
| Oil (NYSEARCA:OIL) | 29.18 | 1.07% | | Gold (NYSEARCA:GLD) | 173.87 | 2.16% | | Silver (NYSEARCA:SLV) | 18.86 | 2.28% | | Corn (NYSEARCA:CORN) | 24.58 | 0.90% | | Lumber (NASDAQ:WOOD) | 71.83 | -1.48% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
| |
Currencies The U.S. Dollar fell in response to the decline in banking stocks and better-than-expected employment data. - The odds of a 50-basis-point interest rate hike in March have declined to 41%, from 71.6% earlier this month.
- The U.S. Dollar Index lost 0.69% on Friday.
- The Japanese Yen fell after the country's central bank kept negative interest rates.
| UK(GBP) | £0.83 | -0.93% | | Europe (EURO) | €0.94 | -0.69% | | Canada (Canadian Dollar) | $1.39 | 0.16% | | Japan (Yen) | ¥135.02 | -1.02% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
| |
Cryptocurrency Bitcoin has been volatile in the aftermath of Silicon Valley Bank's closure. - On Thursday, when issues with SVB first came to light, Bitcoin saw a decline; it rose on Friday morning following strong U.S. jobs data before falling significantly when SVB bank was closed.
- Stablecoins were disproportionately impacted by fears of a liquidity crunch. This led to a significant exodus, with some stablecoins halting transfers from their coins to dollars.
- Markets began to recover and stabilize over the weekend after it was reported that USD Coin-issuer Circle would be able to cover potential losses by its customers.
| Bitcoin | $20,588.40 | 1.13% | | Ethereum | $1,481.36 | 3.57% | | Litecoin | $69.95 | -2.47% | | Bitcoin Cash | $114.37 | 3.62% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
| |
 |  | | |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
Vendasta is the all-in-one platform for companies selling to local businesses. | |
Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
