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The Dow sank nearly 500 points Wednesday as concerns in the financial sector continued to swirl.
Shares of Credit Suisse tumbled more than 20%, stoking bank failure contagion fears.
A gauge of wholesale inflation for February unexpectedly dropped.

US stocks tumbled Wednesday, as the banking sector saw renewed turmoil — but this time focused on Europe.

US-listed shares of Credit Suisse plunged more than 20%, as Saudi backers ruled out further investment in the embattled lender. 

Since regulators shut down Silicon Valley Bank on Friday, investors have been concerned about another 2008-style financial crisis. On Tuesday, Moody’s cut its outlook for the entire US banking system. 

Meanwhile, the Labor Department reported wholesale prices posted a monthly decline of 0.1% in February, versus expectations for a 0.3% increase. 

Here’s where US indexes stood as the market opened at 9:30 a.m. on Wednesday: 

S&P 500: 3,864.96, down 1.39%

Dow Jones Industrial Average: 31,664.54, down 1.53% (490.86 points)

Nasdaq Composite: 11,298.40, down 1.14%

Here’s what else is going on: 

Signature Bank was the target of a US dirty money probe before it was seized.

Goldman Sachs bought the SVB bonds whose $1.8 billion loss set off the lender’s meltdown.
Carl Icahn warned of further bank troubles and sounded the inflation alarm.

Elon Musk said there are similarities between the SVB collapse and the 1929 Wall Street crash.

“Dr. Doom” Nouriel Roubini warned SVB’s collapse could spread havoc beyond the US.

In commodities, bonds, and crypto: 

Oil prices dropped, with West Texas Intermediate down 3.01% to $69.18 a barrel. Brent crude, the international benchmark, fell 2.75% to $75.25 a barrel.

Gold rose 1.18% to $1,933.00 per ounce.
The 10-year yield sank 20 basis points to 3.432%.

Bitcoin rallied 1.98% to $25,210.61.

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Source:: Businessinsider