The Dow fell more than 200 points as the trading environment was weighed down by a fall in banking stocks.
As of 8:46 pm Thai time, the Dow Jones Industrial Average was at 31,662.83 points, down 221.74 points or 0.7%.
Banking stocks led the market down today.
Shares of First Republic Bank (FRB), a US regional bank, plunged more than 30%, under pressure from the US government shutdown of Silicon Valley, formerly Silicon Valley Bank (SVB) and Signature Bank (SB).
Other shares in US regional banks also fell. Although investors worry that the collapse of SVB and SB will have a ripple effect on US regional banks.
FRB is the bank with the third highest volume of non-government guaranteed deposits behind SVB and SB, with total FRB deposits of $176 billion as of December 31, 2022.
In addition, FRB’s share price has fallen by almost 75% since the beginning of March.
Moody’s Investors Service, the US credit rating agency It was announced to downgrade the credit rating of the US banking system from “stable” to “negative”, warning that although the US authorities have announced measures to contain the crisis of SVB and SB, other banks with unrealized losses or depositors not receiving a deposit guarantee continuing to face risks
