S&P 500 futures are now just up by 21 points, or 0.5%, on the day with Dow futures up by just 0.3% at the moment. The fallout from SVB continues to reverberate, even if the US government and the Fed has come up with a backstop overnight. First Republic shares are down over 60% in pre-market with other banks also feeling the pinch (PacWest down over 20%, Western Alliance down nearly 20%).
As a result, we're seeing more of a classic flight to safety once again in markets although once again, the FX market is largely living in its own world still with the dollar holding lower across the board as Fed pricing relents.
