What’s at stake for stocks, bonds as Federal Reserve weighs bank chaos against inflation fight
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What it may take to calm banking-sector jitters: time, and a Fed rate hike
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Fed to pause this week because of bank stress: Goldman Sachs
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Stock futures slip, but off worst levels, as traders eye banking sector woes after Credit Suisse deal
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Treasury yields dive as banks angst seen causing Fed to stand pat
Investors are misreading the SVB depositor rescue, and they shouldn’t be buying stocks yet, warns Morgan Stanley’s Mike Wilson
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Here’s the pro-bitcoin, anti-bank argument advanced by a former Coinbase executive that’s making waves
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Analyst says banking crisis is ‘over.’ Is it too soon to invest in bank stocks?
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Why the collapse of Silicon Valley Bank was not a black swan
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FDIC extends bidding for Silicon Valley Private Bank, Silicon Valley Bridge Bank
Opinion:
The end of the ‘everything bubble’ has finally hit the banking system.Credit Suisse and SVB might be just the first of many shocks.
‘Asleep at the switch’: Sen.Elizabeth Warren calls for independent probe of Fed, banking regulations
‘Enough — it’s hurting our business’: SoFi’s campaign to stop the student-loan payment pause that helps its own customers
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Nurix’s stock rallies on Gilead’s option
Shares of Nurix Therapeutics Inc.NRIX gained about 6% in premarket trading on Monday after Gilead Sciences Inc.GILD said it exercised the option to exclusively license Nurix’s targeted protein degrader molecule, which is being considered as a tool to treat inflammatory conditions like rheumatoid arthritis.
Per the terms, Gilead will pay $20 million upfront, with an additional $425 million in potential milestone payments.The companies first partnered in 2019, with Gilead making a $45 million upfront payment and giving Nurix the potential of $2.3 billion in additional milestones.Nurix’s stock is down 17.9% this year, while the S&P 500 SPX is up 2.4%.
FDIC extends bidding for Silicon Valley Private Bank, Silicon Valley Bridge Bank
The Federal Deposit Insurance Corp.
said Monday it’s extending the bidding for former units and assets of Silicon Valley Bank, which has been renamed Silicon Valley Bridge Bank since the government took it over on March 10.“There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome,” the FDIC said.The FDIC said it will allow parties to submit separate bids for Silicon Valley Bridge Bank and its Silicon Valley Private Bank units.Qualified, insured banks, and qualified, insured banks in alliance with nonbank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions, the FDIC said.
Bank and non-bank financial firms will be permitted to bid on the asset portfolios.Bids for Silicon Valley Private Bank are due by 8 pm Eastern time on March 22, and on March 24 for Silicon Valley Bridge Bank.
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Fed to pause this week because of bank stress: Goldman Sachs
In a note published Monday morning, Goldman Sachs economist David Mericle forecast the Federal Reserve will not lift interest rates at this week’s meeting due to banking system stress.“While policymakers have responded aggressively to shore up the financial system, markets appear to be less than fully convinced that efforts to support small and midsize banks will prove sufficient,” he said in a note to clients.Mericle said the link between a single quarter-point hike and future inflation is “very tenuous” and that the Fed can get back on track with hikes very quickly.The bank is still expecting quarter-point increases in May, June and July.The yield on the 2-year Treasury fell 6 basis points to 3.77%.
U.S.
stock-market futures edge higher after historic deal to rescue Credit Suisse
U.S.stock-index futures opened with modest gains Sunday evening as investors assessed a historic deal to rescue troubled Swiss lender Credit Suisse as authorities scrambled to head off a deeper loss of confidence in the global banking system.
Rival bank UBS Group UBS agreed to buy Credit Suisse CSCH:CSGN for more than $3 billion in a deal shepherded by Swiss regulators.Also Sunday, the Federal Reserve and five other major central banks announced they were taking steps to ensure that U.S.dollars remained readily accessible throughout the global financial system in response.Futures on the Dow Jones Industrial Average YM00 rose 50 points, or 0.2%, while futures on the S&P 500 ES00 and Nasdaq-100 NQ00 were up 0.2%.U.S.
stocks ended lower Friday amid persisting banking sector fears, with the Dow DJIA booking back-to-back weekly losses.The S&P 500 SPX rose 1.4% last week, while the technology-heavy Nasdaq Composite COMP climbed 4.4% in its biggest weekly percentage gain since January, according to Dow Jones Market Data.
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