SVB Bank (SVIB) Causes Bank Of America (BAC) & Other Bank Stocks To Fall

The FDIC is setting up a plan to pay depositors of SVB Financial (SIVB) after the bank failed. Alex Coffey and Jenny Horne discuss the impact this has on other bank stocks. They highlight Bank of America (BAC) which fell to its lowest level since December 2020 today. The stock is down 12% this week and hit its 52-week low today. They also compare BAC's trajectory to other bank stocks including Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC). Alex then demonstrates an example trade using BAC. The trade type is buy a put vertical and the direction is bearish. Tune in to find out more about the stock market today.