SVB rescue plan reversed by Dow Jones; First Republic, Charles Schwab crash

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As U.S. banks struggle with the ongoing crisis, the Dow Jones Industrial Average reversed higher on Monday.

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Regulatory agencies guarantee deposits of SVB Financial (SIVB).

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Regulators also took control of SBNY on Sunday. Despite additional funding from JPMorgan and the Federal Reserve, First Republic (FRC) crashed by 77%.

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Furthermore, Charles Schwab (SCHW) plunged 20% amid ongoing fears about the state of the banking sector.

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According to news reports, Icahn is planning to nominate three candidates to the company's board of directors. Illumina ( ILMN) rose over 11% early.

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Wolfe Research downgraded Tesla (TSLA) from outperform to peer performance Monday morning.

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After the stock market opened, Apple (AAPL) and Microsoft (MSFT) both rose in the Dow Jones technology index.

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In the new stock market correction, Palo Alto Networks ( PANW ) and New Relic ( NEWR ) are among the top stocks to watch.

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Major stock indices ended Friday with big losses, indicating a sharp decline in the stock market. S&P 500 declined 1.45%, Dow dropped 1.1%. Nasdaq fell 1.8%.

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Friday's Big Picture column mentioned IBD's 'uptrend under pressure' market outlook.

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The market is in correction, so investors should avoid buying stocks and focus on defensive trading, such as cutting losses and taking profits short."

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