The market is reacting to Silicon Valley Bank's failure on Monday morning, with major indices in the red and shares of several smaller banks collapsing.

The Dow Jones Industrial Average opened down more than 300 points before recouping some of those losses in early trading. The tech-heavy Nasdaq fell by more than 1.2%, while the S&P 500 declined by 1.35%.

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The stock market will be closely watched on Monday to get a sense of how panicked investors are about SVB’s Friday collapse, as well as Signature Bank’s Sunday failure. The federal government announced over the weekend that all of the bank’s depositors would be made whole, even those who banked in excess of the federally insured $250,000.

The economic uncertainty was also captured by the Chicago Board Options Exchange Volatility Index, better known as the VIX but also as the “fear index.” The index was up more than 21% on Monday alone, an enormous jump that illustrates the anxiety investors have about the bank failures and the possibility of the contagion spreading throughout the banking sector. The VIX is now at the highest level it has been in months.

While the major stock indices were off mildly, shares of select banks were flailing.

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Shares of San Francisco-based First Republic Bank plummeted by 65% after open. Western Alliance Bancorp was off 61%, while PacWest Bancorp and Zions Bancorporation were down by more than 20%.

President Joe Biden briefly addressed the situation on Monday morning and assured depositors they would get their money back.