Dow Futures Down Over 500 Points
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The dow future fell over 500 points on Wednesday morning.
It is currently down 560 points but was down over 600 at one point.
Stock futures fell on Wednesday as pressure on the financial sector increased with shares of Credit Suisse, a Swiss Bank that has large U.S. and global operations, tumbling more than 20%.
Futures tied to the Dow Jones Industrial Average fell 602 points, or 1.9%, while S&P 500 futures and Nasdaq-100 futures lost 1.9% and 1.6%, respectively.
In recent days, a crisis in the financial sector has centered around regional banks as Silicon Valley Bank and Signature Bank collapsed, both casualties of poor management in the face of eight interest rate hikes by the Federal Reserve in the last 12 months. Wednesday morning attention turned to the big banks with shares of Credit Suisse hitting an all-time low.
The drop came after a huge sell-off of Credit Suisse shares.
The drop came after a huge selloff in Credit Suisse shares undermined investor sentiment, with fears growing that the collapse of Silicon Valley Bank will spiral into a full-blown banking crisis.
Credit Suisse’s Zurich-listed shares plummeted 22% early Wednesday after its top shareholder the Saudi National Bank ruled out extending any more to support the troubled bank, with trading in the stock being halted several times.
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