Here's what it was like at the New York Stock Exchange the day Silicon Valley Bank collapsed, according to Wall Street's most famous trader
On the morning of the largest bank failure since 2008, Peter Tuchman had four shots of espresso, two glasses of orange juice, and geared up for his day. Markets were going haywire shortly after the opening bell. most-photographed trader on Wall Street,He's weathered the stock market crash of 1987, the bursting of the dot-com bubble, the financial crisis of 2008, and the COVID-19 sell-off of 2020.
Panic rattled Wall Street and equities plummeted on concerns about what's next to fall under the weight of the Federal Reserve's rising interest rates, along with contagion from SVB, which serviced more than 50% of all venture-backed companies in the US and whose fall marked the biggest calamity since the last financial crisis.
In Tuchman's words:"We give everybody a chance to figure out what they want to do because nobody is advantaged from stocks going up 30 points and down 40 points. It's just not rational." Monitors cover nearly every nook and cranny of the trading floor. Fast-talking brokers are hunched over their screens, taking calls, while digesting the barrage of headlines to dissecting what's moving markets.
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