First Republic Bank drags down bank stocks despite receiving lifeline of $30 billion in deposits

Yahoo Finance Live’s Julie Hyman breaks down how bank stocks are moving in intraday trading.

Video Transcript

JULIE HYMAN: I want to look at bond yields. This is something we have been watching so closely, right, because we have really seen a collapse in bond yields after the past week and a half or so. So now we've got the 10-year yield below 3 and 1/2% very recently. Now all of the yield curve was above 4%. So this is really a reflection of expectations that the Fed will not move as aggressively in the wake of these bank collapses.

And speaking of those bank collapses, got to take a look at how some of the banks are trading again at this moment. We continue to have shares of FRC that are trading lower by some 12%. First Republic Bank here trading sharply lower even after that $30 billion deposit infusion from 11 banks. Now the shares are down 66% over the past week alone. It keeps getting halted for volatility at various points during the session. It's been that way all week.

And we've got PacWest that is still trading lower as well, but down 17% on the week, down another 11% or so in today's session. The large banks as well, as we've been watching them, are all also uniformly in the red in today's session.

The NASDAQ 100-- this has been one of the weird offshoots of this week is that tech has been the safe area by comparison, right? That we have seen this money go back into large cap tech because it's seen as a place that is haven, oddly, in this environment, which is a bit unusual here to see or a bit counterintuitive, I should say. You see Nvidia right here in the middle of your screen, up 2 and 1/2% on the back of an analyst call today.