Stocks pulled back sharply over the week, as investors absorbed more hawkish talks from Jerome Powell and signs that the Fed still had work to do in cooling inflation. The S&P 500 Index fell on Friday to its lowest intraday level since January 5 as the selling accelerated after the index broke both its 100-day and 200-day moving averages. Financials led the declines and contributed to the pronounced weakness in value stocks. Concerns grew throughout the week about the health of Silicon Valley Bank (SVB) as customers pulled deposits after the tech-oriented regional bank was forced to sell and realize losses in securities held on its balance sheet in order to meet capital requirements—marking the 2nd biggest bank failure in US history. Trading in SVB stock was halted Friday morning, and the FDIC then placed the bank into receivership to protect depositors. Stocks in other regional banks fell in response, although only moderately. Large US banks held up better, in part because stricter banking regulations required them to previously mark down the value of some securities. Friday’s flight to safety left the yield on the US 10-year Treasury down roughly 27 basis points for the week. Shares in Europe fell amid worries about stress in the banking system. Chinese equities retreated as signs of weakening demand and a lower-than-expected 2023 growth target tempered concerns about the country’s outlook. The dollar and gold spiked while Bitcoin and altcoins tumbled.