Major US stock indexes fell sharply in the New York session following widespread concerns in the regional banking sector.
Every stock in the SPDR S&P Regional Banking is trading lower after losing more than 8%, while the index is down 41% since the start of 2023.
Among the biggest losers was Western Alliance, which lost nearly 70% in mid-session trading following reports that the bank may be looking for a buyer.
However, the recorded losses were reduced again after the bank issued a statement denying the allegations.
Significant declines were also seen in PacWest shares, which plunged more than 50% after Los Angeles PacWest revealed it was exploring all strategic options including a possible sale.
This uncertainty has pushed Wall Street's main indexes to close in the negative, with the Dow Jones Industrial down 0.86% to 33,127.75.
While the S&P 500 fell 0.7% to 4,061.23 and the Nasdaq Composite fell 0.37% to 12,982.48.
The US30 index, which previously plunged low, rose slightly in the Asian session to be around the level of 33,189.
The fall in the Dow Jones was caused by weakness in the share prices of Boeing, Disney, Goldman Sachs and American Express which sent the index falling into negative territory.
