Here's Why SVB Financial Stock Is Plunging Today
SVB Financial Group (NASDAQ: SIVB), the holding company behind the fast-growing Silicon Valley Bank, is taking a beating today. As of 10:50 a.m. EDT on Monday, the stock is down more than 10% on the day, after hitting a fresh 52-week low earlier in the day.
To be sure, much of the decline is due to the overall stock market sell-off. But it's worth noting that SVB Financial is underperforming the S&P 500 as well as its sector, as gauged by the Financial Select Sector SPDR ETF (NYSEMKT: XLF). While SVB is down more than 10%, those two benchmarks are "only" down by 6% and 9%, respectively.
Image source: Getty Images.
Source Fool.com
