Signature Bank stock sinks to lead SP 500 losers as financial sector, bitcoin drop
Shares of Signature Bank sank 12.8% in afternoon trading Monday, enough to pace the SP 500''s decliners, as the New York-based bank was hurting from a broad selloff in the financial sector and from the plunge in bitcoin toward an 18-month low. The stock was headed for the biggest one-day selloff since it tumbled 13.0% on March 20, 2020, and the lowest close since Feb. 1, 2021. The stock was suffering from the selloff in bitcoin as many on Wall Street see it as a cryptocurrency play, as the bank has a digital payments platform, named Signet, and because it offers a loan product collateralized by cryptocurrencies. And bitcoin tumbled 18.8% as troubles for a major cryptocurrency exchanges fueled investor jitters. Also weighing on Signature Bank, the SPDR Financial Select Sector ETF sank 2.4% toward a 16-month low, as surging inflation and interest rates fueled recession fears. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Signature Bank stock sinks to lead SP 500 losers as financial sector, bitcoin drop
Shares of Signature Bank sank 12.8% in afternoon trading Monday, enough to pace the SP 500''s decliners, as the New York-based bank was hurting from a broad selloff in the financial sector and from the plunge in bitcoin toward an 18-month low. The stock was headed for the biggest one-day selloff since it tumbled 13.0% on March 20, 2020, and the lowest close since Feb. 1, 2021. The stock was suffering from the selloff in bitcoin as many on Wall Street see it as a cryptocurrency play, as the bank has a digital payments platform, named Signet, and because it offers a loan product collateralized by cryptocurrencies. And bitcoin tumbled 18.8% as troubles for a major cryptocurrency exchanges fueled investor jitters. Also weighing on Signature Bank, the SPDR Financial Select Sector ETF sank 2.4% toward a 16-month low, as surging inflation and interest rates fueled recession fears. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.