In a day of market turmoil, the US Federal Reserve acted to restore confidence by launching measures to support the economy. This caused US futures to rally, with investors breathing a sigh of relief.

However, this optimism was short-lived in Europe, where stocks fell by 2.5%. The banking sector was hit particularly hard, with HSBC’s rescue of Silicon Valley Bank UK causing a slide of 5.7%.

Despite the negative news from Europe, S&P futures jumped on SVB Backstop and Dovish Fed Bets in the US, according to market wrap reports from Yahoo Finance.

Meanwhile, in a fallout from the SVB collapse, Europe was seen taking stock of the situation, as reported by Bloomberg.

Lastly, the US dollar experienced a slide as the country intervened in response to the SVB collapse. CNBC reported on the country’s efforts to mitigate the impact of this development.

Overall, it was a day of tumultuous financial news, with both positive and negative developments making headlines.