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The abrupt collapse of Silicon Valley Bank forced traders to shy away from riskier assets, plunging bank stocks further, with energy shares also in the red. Futures for Canada’s main stock index started the trading week off in the red, with utilities and tech the only sectors to see gains.

US stock markets didn’t fare any better as dozens of regional banks saw trading halted as shares fell by up to 75 per cent after President Biden said US banking was safe. Following the second-and third-largest bank failures in US history, stocks swung sharply following the government’s announced plan to shore up the industry. Gold surged for a second session in the wake of this crisis as traders look for a haven to store their money, and Bitcoin rallied 18 per cent over $24k.

Today in the Markets

TSX 19,588.90 -186.02 TSX
TSXV 607.86 -3.63 TSXV
CSE 186.43 -2.45 TSXV
DJIA 31,819.94 -90.50 DJIA
NASDAQ 11,188.84 +49.95 NASDAQ
S&P 500 3,856.00 -5.59 S&P 500

The Canadian dollar traded for 72.80 cents US, compared to 72.27 cents US on Friday.

US crude futures traded $2.23 lower at $74.45 a barrel, and the Brent contract lost $2.36 to $80.42 a barrel.

The price of gold was up 37.09 to US$1,913.32.

In world markets, the Nikkei was down 311.01 points to 27,832.96, the Hang Seng was up 376.05 points to 19,695.97, the FTSE was down 199.72 points to 7,548.63, and the DAX was down 468.50 points to 14,959.47.

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