Dow -468.65 at 31686.66, Nasdaq -106.46 at 11321.69, S&P -53.19 at 3867.37
The stock market opened to sizable losses after worries about the health of the banking sector were brought to the forefront.
The sentiment shift has been driven by reports that Credit Suisse’s (CS 2.11, -0.39, -15.1%) largest shareholder, Saudi National Bank, said it cannot offer further help, which stoked large losses in European bank stocks. In addition, BlackRock CEO Larry Fink highlighted in his annual letter the potential for a liquidity crunch.
The S&P 500 financial sector is down 3.1% amid broad selling efforts. The defensive-oriented consumer staples (-0.6%) and utilities (-0.3%) sit atop the leaderboard with the slimmest losses.
The 2-yr note yield is down 45 basis points to 3.76% and the 10-yr note yield is down 23 basis points to 3.40%.