ERTC Experts

Looking to get the Employee Retention Tax Credit for your business? Look no further than ERTC Express! Our team of experts can help you navigate the process and get the relief you deserve. Don't wait any longer, contact us today to get started!

Stock Market Reeling After Banking Sector Turmoil and ECB Rate Hike

The stock market is still feeling the effects of the banking sector's recent turmoil. Last week, the 10-year U.S. Treasury yield plummeted to 3.41%, while the two-year Treasury yield dropped to 3.84%, creating a spread of -43 basis points.[0] On Wednesday morning, the Dow Jones Industrial Average dropped more than 1.7%, or more than 500 points, while the S&P 500 and Nasdaq each fell 1.5%.[1] The Dow Jones Industrial Average tumbled 4.4% in last week's stock market trading, and the S&P 500 index sold off 4.55%.[2] The Nasdaq composite skidded 4.7%, and the small-cap Russell 2000 dived 8%.[3]

The CME FedWatch Tool now expects a 83% chance of a 25-basis-point rate hike at the March meeting.[4] Approximately 17% anticipate that rates will remain the same[5] President Biden gave assurance to the American people on Monday that the nation's banking system is stable following the aftermath. “Americans can have confidence that the banking system is safe. Your deposits are safe. No losses will be borne by the taxpayer,” Biden said during a press conference. “Managers of these banks will be fired.[6] Investors in these banks will not be protected.

0. “Stock Market News Today – Indices Fall as Week Ends on a Low Note” TipRanks, 17 Mar. 2023,

1. “Credit Suisse, Citi and more bank stocks tumble amid Silicon Valley Bank turmoil” ABC News, 15 Mar. 2023,

2. “Dow Jones Futures Fall; Regulators Protect All SVB Deposits, But Bank Stocks Keep Tumbling | Investor's Business Daily” Investor's Business Daily, 13 Mar. 2023,

3. “Market Rally Divided: First Republic Bank Dives After Hours; Fed Meeting On Tap | Investor's Business Daily” Investor's Business Daily, 18 Mar. 2023,

4. “Stock Market Today: Markets Rise as Bank Stocks Bounce” Kiplinger's Personal Finance, 14 Mar. 2023,

5. “Stock Market Sees Weekly Gains; Bank Stocks Recover While Warren Buffett Makes Big Move” Investor's Business Daily, 16 Mar. 2023,

6. “Bank collapse hits home for Black-owned banks as Republicans blame ‘woke' culture” Yahoo News, 15 Mar. 2023,

7. “Dow falls 500 points as banking fears spread” CNN, 16 Mar. 2023,

8. “S&P 500 Settles Higher, Market Volatility Decreases – Credit Suisse Group (NYSE:CS), (NASDAQ:A” Benzinga, 17 Mar. 2023,

9. “Bank Stocks Rally on Hopes Fed Will Pause Rate Hikes” Investopedia, 14 Mar. 2023,

10. “Recession, yes. But markets cling to hope crisis will be avoided” Moneycontrol, 18 Mar. 2023,