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Here's Why SVB Financial Stock Is Plunging Today

TheMotleyFool

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Here's Why SVB Financial Stock Is Plunging TodayPhoto, wide shot, wide-angle lens, Private equity firm, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/11edc0a6-edfc-46d1-baee-abd4f510abd1.png

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

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