"Trading in several bank stocks, including First Republic, Signature, Western Alliance Bancorp and PacWest Bancorp, was briefly halted Friday.
Signature’s 23% loss on Friday was its worst day on record, and Signature and First Republic clocked their worst weeks on record, according to Dow Jones Market Data. Citizens Financial Group Inc., Comerica Inc., Fifth Third Bancorp, Zions Bancorp and Charles Schwab Corp. each shed more than 15% last week.
The Fed has been focused on controlling inflation, but the events of last week led officials to think about another of the central bank’s core mandates: financial stability. As of Thursday, weeks of hot economic data had suggested that the Fed might raise rates by 0.5 percentage point at its meeting later this month and continue to tighten policy until 2024. On Friday, traders revised wagers to bet on a lower peak for interest rates and a rate cut later this year."
[Reference]
https://www.wsj.com/articles/wall-street-braces-for-the-next-silicon-valley-bank-956b8f03?mod=hp_lead_pos1