5 hours before
Treasury Secretary Yellen says emergency measures to support banks could be reinstated if needed
Treasury Secretary Janet Yellen said Thursday that federal emergency measures that halted customers at Silicon Valley Bank and Signature Bank could be reinstated if necessary.
“We have used important tools to act quickly and prevent contagion. And they are tools that we could use again,” Yellen said in written testimony before a budget subcommittee.
“The strong measures we have taken ensure that Americans’ deposits are safe,” she added. “Of course we would be prepared to take additional measures if warranted.”
Her comments come as regulators aimed to reassure customers and investors amid the banking crisis fostered by the shutdown of Silicon Valley Bank.
– Alex Harring, Christina Wilkie
Before an hour
Japan’s core inflation falls from January peak
Japan’s core inflation figure fell to 3.1% yoy in February from its January peak of 4.2%, government data showed on Friday.
The value is in line with the expectations of economists polled by Portal.
Overall, nationwide inflation for the month came in at 3.3% yoy, also down from January’s reading of 4.3%.
The consumer price index of the economy excluding fresh food and energy also rose 3.5% month-on-month.
– Jihye Lee
49 minutes ago
CNBC Pro: Why a fund manager has never owned a bank stock — and reveals what they’re looking for instead
Some investors are creeping back into bank stocks after last week’s sell-off, but fund manager Ian Mortimer is clearly a distraction.
In fact, he’s never owned a bank stock in any of his funds. He reveals why on CNBC Pro Talks.
Pro subscribers can read more here.
49 minutes ago
CNBC Pro: Wall Street downgrades European banks, names stocks to buy ‘if markets turn sour’
Wall Street downgrades European banks after tensions in the sector led to the emergency merger of two major Swiss banks.
Two investments also upgraded another sector, naming a dozen stocks to own “in case markets go sour.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
12 hours ago
Jobless claims are below expectations
Jobless claims fell unexpectedly last week, suggesting the labor market remains extremely tight.
Initial jobless claims for the week ended March 18 totaled 191,000, below the estimate of 198,000, the Labor Department reported Thursday. That was down 1,000 from the previous period.
Continuing claims, which are one week behind, rose 14,000 to 1.694 million.
Stock market futures fell after the data release.
– Jeff Cox
11 hours ago
Tech stocks lead the market higher
Tech stocks outperformed on Thursday, with the Nasdaq 100 index up more than 1.4%. Netflix was among the top performers, up about 7%. Meta Platforms, Amazon, Alphabet, and Microsoft shares were also up more than 1%.
5 hours before
Cryptocurrency prices rally Thursday afternoon
Cryptocurrency prices soared on Thursday as investors grew optimistic that the Federal Reserve’s rate-hiking campaign would soon come to an end. Wall Street also shed some of its fears about the ongoing crisis in the banking system.
Bitcoin’s price surged more than 4% to $28,290.71, according to Coin Metrics. Ether gained nearly 5% to trade at $1,822.50.
Crypto rose with other risky assets. All three major stock indices were higher the day after their Fed-induced sell-off in the previous session.
Watch the full story here.
– Tanaya Macheel, Hakyung Kim
6 hours ago
Energy is the biggest laggard in the S&P 500
See grafic…
S&P 500 Energy Sector 1 Day