STOCKS | U.S. Financial Stocks Experience Significant Decline

Last week, U.S. stock markets saw a decline, with the S&P 500, Dow Jones, and Nasdaq indices falling by 0.44%, 1.31%, and 0.95%, respectively. According to Ming Pao, this downturn is notably different from previous ones as financial stocks have begun to accelerate their decline alongside the broader market. On Friday, the KBW Bank Index dropped nearly 5%, with Goldman Sachs falling 7.4%, Morgan Stanley down 6.2%, and both Wells Fargo and Citigroup experiencing declines of over 5%. This trend indicates growing market concerns that the 'SaaS apocalypse' could trigger a crisis in the private credit sector, potentially leading to a systemic financial crisis, which is causing widespread apprehension.