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As Biden Says That “The Banking System Is Safe” Trading Halted For Multiple U.S. Bank Stocks At Market Open

In a surprising move, several major U.S. banks experienced a trading halt at market open on Monday morning, causing confusion and concern among investors.

The banks affected by the trading halt included JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and Goldman Sachs. The halt was caused by an issue with the electronic trading platform used by the New York Stock Exchange, which prevented orders from being processed.

The trading halt lasted for approximately 15 minutes, during which time investors were unable to buy or sell shares of the affected banks. The halt was lifted just before 9:45 a.m. Eastern time, and trading resumed as normal.

Despite the brief interruption, the incident is a reminder of the importance of stable and reliable trading systems. The New York Stock Exchange has experienced similar technical issues in the past, and the incident raises questions about the resilience of the exchange’s infrastructure.

Many banks have been selling off to raise cash, just like SVB did right before they went under. FRB is in second place under SVB:

More banking stocks plummet in premarket trade:

– First Republic Bank: -65%
– Western Alliance Bancorp: -64%
– PacWest Bancorp: -42%
– Charles Schwab: -7%

It seems that this is a domino effect and this administration doesn’t have the plan to stop this.

But don’t worry Biden thinks that “The banking system is safe.”
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said.
Video below:

Bank shares in Europe and Asia sank on Monday before the U.S. market’s opening, while U.S. stock index futures were down even as some investors bet on a pause in interest rate hikes by the Federal Reserve. S&P 500 futures were down 0.7% and appeared to take little comfort in Biden’s remarks, which largely tracked his earlier written statement.

Mark Van der Veen

Mark Van der Veen offers some of the most analytical and insightful writings on politics. He regularly opines on the motives and political calculations of politicians and candidates, and whether or not their strategy will work. Van der Veen offers a contrast to many on this list by sticking mainly to a fact-based style of writing that is generally combative with opposing ideologies.