Wall Street Today | Investors Brace for Another Week of Volatility as Mad March Ends
Investors Brace for Another Week of Volatility as Mad March Ends
US authorities are considering whether and how to provide support to $First Republic Bank(FRC.US$ to give it more time to shore up its balance sheet, according to people with knowledge of the situation. Separately, $Valley National Bancorp(VLYPO.US$ and $First Citizens BancShares(FCNCA.US$ are said to be both vying for Silicon Valley Bank after its collapse earlier this month, and Switzerland’s banking regulator said $Credit Suisse(CS.US$ faces the threat of a possible probe.
Fed’s Preferred Inflation Gauge Seen Staying Elevated
The Federal Reserve’s preferred measure of underlying price pressures probably remained elevated in February, keeping officials in a precarious spot as they seek to balance inflation-fighting resolve and stress on the banking system. “Fed Chair Jerome Powell’s preferred ‘supercore’ inflation indicator – core PCE services excluding housing – likely will show the sticky component of inflation running steadily at 4%-5% over the past few months, not an encouraging sign of progress on disinflation,”economists Anna Wong said.
Fed’s Kashkari Says Bank Strains Bring Risk of Recession Closer
Federal Reserve Bank of Minneapolis President Neel Kashkari said recent bank turmoil has increased the risk of a US recession but that it was too soon to judge what it means for the economy and monetary policy.
“What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. Would that slow down the economy? This is something that we’re monitoring very, very closely,” said Kashkari, a voter on monetary policy this year. “It’s too soon to make any forecast about the next interest rate meeting.”
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SECTORS
Oil Edges Higher After Weekly Gain as Banking Concerns Linger
Oil extended a weekly gain as investors braced for further volatility amid the fallout from the banking crisis rippling across markets. West Texas Intermediate advanced toward $70 a barrel after closing almost 4% higher last week, aided by a weaker dollar. Investors are concerns over banking and US monetary policy may drag on near-term demand.
Deposit Drain From Smaller Banks Into Financial Giants Like JPMorgan Chase Has Slowed, Sources Say
The surge of deposits moving from smaller banks to big institutions including $JPMorgan(JPM.US$ and $Wells Fargo & Co(WFC.US$ has slowed to a trickle in recent days, CNBC has learned. The deposit drain, which roiled markets globally and forced regulators to intervene to protect bank customers, began improving around March 16, said people with knowledge of inflows at top banks.
The past few weeks have exposed a glaring weakness in how some banks have managed their balance sheets, which could lead to more turbulence, said $Citigroup(C.US$ CEO Jane Fraser.
COMPANY
Gordon Moore, Intel Co-Founder Who Coined Chip Rule, Dies at 94
Moore died peacefully, surrounded by family at his home in Hawaii on Friday, the Gordon and Betty Moore Foundation said in a statement.
A founder of industry pioneer Fairchild Semiconductor, Moore in 1968 co-founded Intel, which grew into the world’s largest semiconductor maker at one point. The Santa Clara, California-based company supplies about 80% of the world’s personal computers with their most important part, the microprocessor. Moore was chief executive officer from 1975 to 1987. $Intel(INTC.US$
Elon Musk Offers Employees Stock Grants Valuing Twitter at About $20 Billion
Mr. Musk in the note to staff said he was optimistic about the social-media company’s future. “I see a clear, but difficult, path to a >$250B valuation,” meaning stock granted now would be worth 10 times more, he said.
Mr. Musk also said in the email that Twitter is being reshaped so rapidly that the company “can be thought of as an inverse startup.” He said radical changes have been necessary in part to ensure that Twitter didn’t go bankrupt, according to the email, which was reported earlier by Platformer and The Information.
Pfizer’s Covid Drug Paxlovid May Reduce the Risk of Developing Long Covid, Study Says
People who take $Pfizer(PFE.US$’s Covid antiviral treatment Paxlovid shortly after infection may reduce their risk of developing long Covid, regardless of their age, vaccination status or infection history, a new study shows.
The study, published in JAMA Internal Medicine, found that people who took Paxlovid within five days of a positive Covid test saw a 26% lower risk of long Covid compared with those who didn’t.The findings suggest the benefits of Paxlovid may go beyond what the drug is designed for, which is to treat adults and children at high risk of getting severely sick from Covid.
Source: Bloomberg, Dow Jones, CNBC
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70203785 : rip Intel Co. I like the company and what it's done over the years