Closing Bell Overtime: Silicon Valley Bank Pain Hits Regional Banks Despite Rescue From Regulators; Venture Capitalist David Sacks on What’s Next 3/13/23
While the Dow and S&P 500 closed lower, Nasdaq ended higher despite a volatile session for stocks, coming after U.S. regulators unveiled a plan to backstop depositors in Silicon Valley Bank. Regional banks were hit especially hard with First Republic falling 60%. Fundstrat’s Tom Lee still sees the setup as constructive in the medium-term. Venture capitalist David Sacks, after a weekend on Twitter calling for government intervention, discusses what’s next for Silicon Valley, startups and the broader economy. Plus, one beneficiary of the situation: Brex, which has seen inflows since Friday. The CEO talks the impact on his business. And a lookahead to tomorrow’s critical inflation report.
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Show Notes
While the Dow and S&P 500 closed lower, Nasdaq ended higher despite a volatile session for stocks, coming after U.S. regulators unveiled a plan to backstop depositors in Silicon Valley Bank. Regional banks were hit especially hard with First Republic falling 60%. Fundstrat’s Tom Lee still sees the setup as constructive in the medium-term. Venture capitalist David Sacks, after a weekend on Twitter calling for government intervention, discusses what’s next for Silicon Valley, startups and the broader economy. Plus, one beneficiary of the situation: Brex, which has seen inflows since Friday. The CEO talks the impact on his business. And a lookahead to tomorrow’s critical inflation report.
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