The Nasdaq was the standout performer as it added 4.41%

The Major Markets navigated a tumultuous week last week with mixed results. The Nasdaq was the standout performer as it added 4.41% followed distantly by the S&P 500 which managed to add 1.43%. The remaining three indices ended negatively as the world once again became fixated on a banking crisis. The fall of Silicon Valley Bank created uncertainty and risk across the small banking sector as a loss of confidence began to quickly eat at the minds of depositors. Ahead of last week, the FDIC stepped in aggressively to backstop all account holders of the troubled bank. While the FDIC only insures the first $250,000 of deposits traditionally, the fears of the this contagion spreading to other banks caused them to take extraordinary measures to quell fears. Another Bank, First Republic also made headlines as the institution flirted with the same fate as SVB. However, JP Morgan Chase as well as other banks have loaned $100 billion dollars to shore up the bank while the share price continued to fall. Overseas, Credit Suisse was taken over by UBS in a deal constructed by the Swiss government to prevent another systemic event from materializing with the fall of another global banking player. Last week, the financial sector experienced the 2nd worst weekly performance of the S&P 500 sectors as well as the 2nd worst weekly performance for the sector since June of last year. Treasuries saw a flight to safety as market participants saw the yield curve drop substantially. The 2-year saw the largest drop as the duration fell 79 basis points week-over-week. This stimulated the bond market as most of the non-corporate bond indices closed positive. The Bloomberg Barclays Aggregate bond index added 1.43%, taking the index back into positive territory for the year. Contact us today to learn more about how we can help you www.leapwealth.com