Why are the banks down today

Answer

The banks are down today due to several factors[3]. The most recent one is the extraordinary fiscal support from the government and the elevated oil prices, which have both had an effect on the bank stocks[5]. Additionally, the report released by the Federal Reserve Board included hypothetical scenarios for its 2023 Bank Stress Tests, which could also be a contributing factor[7].

Furthermore, the geopolitical uncertainty resulting from the Ukraine War, the massive Microsoft 365 outage caused by the WAN router IP change, and the broken water pipe which caused flooding and a sinkhole in La Jolla, California, all appear to be weighing on bank stocks lately[5]. Finally, the statistics reported by banks and other financial firms in the US, combined with the missing money sent through the in-app Zelle Network, have all had an impact on the bank stocks[7]. As a result of these various factors, the bank stocks have been dragged down, which is why they are down today[5].

Websites

1. https://downdetector.com/status/us-bank/
2. https://economictimes.indiatimes.com/topic/banks-down
3. https://www.bleepingcomputer.com/news/security/canadas-major-banks-go-offline-in-mysterious-hours-long-outage/
4. https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
5. https://www.yahoo.com/now/why-market-down-big-bank-174305902.html
6. https://abc7chicago.com/bank-of-america-glitch-issues-today-missing-money/12716035/
7. https://www.federalreserve.gov/recentpostings.htm

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