|Day's range||4.5500 - 5.0000|
Truist Financial (NYSE: TFC) took a hit this week as its share price dropped 19.1% this week from last Friday's close through 10 a.m. ET today, according to S&P Global Market Intelligence. The failure of SVB Financial's Silicon Valley Bank last week, followed by the subsequent failure of Signature Bank on Sunday, set the stage for a wild week for the banking industry and bank stocks. Truist, the nation's seventh-largest bank, largely got caught in the sell-off, as it hit regional banks and smaller community banks harder than it did the mega banks.
Eleven of the largest U.S. banks reached a deal to deposit a combined $30 billion in First Republic Bank (FRC). Jerry Howard, CEO of the National Association of Home Builders, joined Yahoo Finance to explain how the banking industry struggles are impacting home builders. Regional banks are critical for home builders. According to NAHB, AD&C loans make up 85% of financing for the private builders who construct two-thirds of the homes in the U.S. Howard told Yahoo Finance, “if the regional banks are unstable, or just being more cautious in their lending, or if they're charging more for their lending, it's going to have an impact on housing at the worst possible time.” Howard says home builders are “sitting with baited breath” as news around regional banks continue to unfold. Watch the full interview with Seana Smith and Ines Ferre here. Key video moments: 00:17 On short-term impact on rates 00:24 On homebuilder concerns 00:39 "If regional banks are unstable..."