Crypto Crisis • Stocks Slammed • Jobless Claims Jump

March 9, 2023 | Hoya Capital

Crypto Crisis • Stocks Slammed • Jobless Claims Jump Real Estate Daily Recap Mar 9 Written By U.S. equity markets finished sharply-lower Thursday after solvency concerns at crypto-focused firms and weaker-than-expected jobless claims data triggered "risk-off" sentiment that sent benchmark interest rates lower across the curve. Dipping to its lowest-level in seven weeks, the S&P 500 dipped 1.9% today while the Mid-Cap 400 and Small-Cap 600 each slid by nearly 2.5%.

The Dow dipped 544 points. Real estate equities remained under pressure as well. The Equity REIT Index declined 2.5% today with all 18 property sectors in negative territory, while the Mortgage REIT Index dipped 4.0%. Ahead of the pivotal nonfarm payrolls report on Friday, DOL data this morning showed that Initial Jobless Claims jumped by the most in five months last week while Continuing Claims posted its biggest weekly gain since November 2021.

Four months after the implosion of the largest cryptocurrency exchange - FTX - the speculative unwind resumed today with the apparent collapse of two crypto-focused banks, Silicon Valley Bank and Silvergate Capital, which sent shockwaves across the banking sector. Income Builder Daily Recap U.S. equity markets finished sharply-lower Thursday after solvency concerns at crypto-focused firms and weaker-than-expected jobless claims data triggered "risk-off" sentiment that sent benchmark interest rates lower across the curve.

Dipping to its lowest level in seven weeks, the S&P 500 dipped 1.9% today while the Mid-Cap 400 and Small-Cap 600 each slid by nearly 2.5%. The Dow dipped 544 points. Real estate equities remained under pressure as well, with the Equity REIT Index sliding 2.5% today with all 18 property sectors in negative territory, while the Mortgage REIT Index dipped 4.0%. Homebuilders were among the leaders after data from Zillow showed that home prices increased in February for the first time in six months while rents also increased 0.3%, indicating a modest rebound in housing demand.

Four months after the implosion of the ...