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Tom Essaye Quoted in Yahoo on March 14th, 2023

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How the Bank Failures Could Impact You Even If It Wasn’t Your Money

Sevens Report analyst Tom Essaye told Forbes the selloff following Silicon Valley Bank’s collapse and a similar collapse by crypto bank Silvergate last week was “undoubtedly an unwelcome reminder” of the 2008 financial crisis. And noted that SVB tried but failed to stay to afloat after the bank was forced to sell a bond portfolio at a $1.8 billion loss because higher interest rates pushed bond prices “far below” where they were when purchased. Click here to read the full article.

Tom Essaye Quoted on Yahoo on March 13th, 2023

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How the Bank Failures Could Impact You Even If It Wasn’t Your Money

Sevens Report analyst Tom Essaye told Forbes the selloff following Silicon Valley Bank’s collapse — and a similar collapse by crypto bank Silvergate last week — was “undoubtedly an unwelcome reminder” of the 2008 financial crisis. Click here to read the full article.

Why Bank Stocks Dropped Sharply Yesterday

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What’s in Today’s Report:

  • What’s Happening with the banks, Silvergate and Silicon Valley Bank

Futures are slightly lower following Thursday’s steep afternoon selloff and as nervous investors look ahead to the jobs report.

Economically  German CPI met expectations (8.7% y/y).

Silicon Valley Bank (SIVB), which is now at the heart of the crypto/VC bank turmoil, fell farther overnight and that stock needs to stabilize for markets to recoup yesterday’s losses.

Today there are two important events to watch.

The first is the jobs report, and expectations are as follows:  E: 215K Job Adds, 3.4% Unemployment Rate, 0.3% m/m/4.7% yoy Wages.  Especially after yesterday’s selloff, markets need a “Just Right” number to reduce rate hike expectations.  Second, markets will be looking for a business update from SIVB about their capital raise and sustainability going forward, and if the bank shored up its finances, that would likely create a solid rally in stocks.