5 hours ago
Finance Minister Yellen says that emergency measures to stop banks can be used again if necessary
Treasury Secretary Janet Yellen said Thursday that the federal emergency actions used to freeze Silicon Valley Bank and Signature Bank customers could be used again if necessary.
“We have used important tools to act quickly to prevent contagion. And they are tools we can use again,” Yellen said in written testimony before a House Appropriations subcommittee.
“The strong actions we have taken ensure that Americans̵[ads1]7; deposits are safe,” she added. “We will certainly be prepared to take further action if warranted.”
Her comments come as regulators have aimed to reassure customers and investors amid the banking crisis fueled by Silicon Valley Bank’s shutdown.
—Alex Harring, Christina Wilkie
An hour ago
Japan’s core inflation falls from peak in January
Japan’s core inflation reading fell from its January peak of 4.2% to 3.1% year-on-year in February, government data showed on Friday.
The reading matches the expectations of economists polled by Reuters.
Overall, nationwide inflation was 3.3% for the month compared to a year ago, also lower than the January print of 4.3%.
The economy’s consumer price index excluding fresh food and energy also rose 3.5% for the month from the previous year.
– Jihye Lee
An hour ago
CNBC Pro: Why a fund manager has never owned a bank stock — and reveals what he’s looking for instead
Some investors are returning to bank shares after last week’s sell-off, but fund manager Ian Mortimer steers clear.
In fact, he has never owned a bank share in any of his funds. He reveals why on CNBC Pro Talks.
Pro subscribers can read more here.
An hour ago
CNBC Pro: Wall Street downgrades European banks, names stocks to buy ‘in case markets turn sour’
Wall Street is downgrading European banks after stress 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 turn sour.”
CNBC Pro subscribers can read more here.
– Ganesh Rao
12 hours ago
Unemployment claims are below expectations
Jobless claims were unexpectedly pushed down last week, pointing to a labor market that remains extremely tight.
Initial claims for unemployment insurance were 191,000 for the week ended March 18, below the estimate for 198,000, the Labor Department reported Thursday. There was a decrease of 1,000 from the previous period.
Still claims, running a week behind, rose by 14,000 to 1.694 million.
Stock futures fell after the data release.
11 hours ago
Tech stocks lead the market higher
Tech stocks fared better than Thursday, with the Nasdaq 100 index rising more than 1.4%. Netflix was among the best performers, jumping about 7%. Shares of Meta Platforms, Amazon, Alphabet and Microsoft also rose more than 1%.
5 hours ago
Cryptocurrency prices rise on Thursday afternoon
Cryptocurrency prices rose on Thursday as investors became optimistic that the Federal Reserve’s rate hike campaign would soon end. Wall Street also shed some of its fears about the ongoing crisis in the banking system.
The price of bitcoin rose more than 4% to $28,290.71, according to Coin Metrics. Ether added nearly 5% to trade at $1,822.50.
Crypto rose with other risk assets. All three major stock indexes were higher the day after their Fed-induced selloff in the previous session.
Check out the full story here.
— Tanaya Machel, Hakyung Kim
6 hours ago
Energy is the biggest laggard in the S&P 500
S&P 500 energy sector 1 day