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SNAPSHOT Wall St opens lower on bank contagion fears

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A Trader works inside a post on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2023. REUTERS/Brendan McDermid

Wall Street’s main indexes opened lower on Monday as bank stocks tumbled on fears of contagion following Silicon Valley Bank’s (SVB) collapse, while expectations rose for a pause in interest rate hikes in March.

The Dow Jones Industrial Average (.DJI) fell 89.71 points, or 0.28%, at the open to 31,819.93.

The S&P 500 (.SPX) opened lower by 26.47 points, or 0.69%, at 3,835.12, while the Nasdaq Composite (.IXIC) dropped 97.43 points, or 0.87%, to 11,041.46 at the opening bell.

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