Wall Street Today | Credit Suisse to Borrow Up to About $54 Billion from Swiss National Bank
MACRO
Bank Failures, Market Turmoil Fuel Bets on a Pause in Fed Interest-Rate Increases
More investors anticipate that the Federal Reserve's rate increase cycle could be over due to broader financial turmoil from the failure of two U.S. regional banks in the past week.
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Turbulence Strains Interest Rate Markets As Traders Bet on Federal Reserve Cuts
Many bond traders now expect the Fed will not raise rates at its next monetary policy meeting though some still see a chance of a 0.25 percentage-point increase as it battles stubborn inflation, according to pricing in futures markets.
Rate expectations have changed in the past week after banking crisis. Quickly shifting rate projections triggered price fluctuations that forced exchange operator CME Group to halt trading for two minutes in certain contracts linked to the Sofr borrowing benchmark and federal-funds futures markets. Trading has since resumed.
Credit Suisse to Borrow Up to About $54 Billion from Swiss National Bank
Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.
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Fed Says Its Instant-Payments Service FedNow Will Launch in July
The Fed's long-anticipated instant-payments service FedNow will make its debut in July, the central bank announced Wednesday. Through the FedNow Service, businesses and consumers will be able to send and receive payments instantly, with immediate access to their funds.
SECTORS
Oil Recovers From 15-Month Low After Banking Crisis Roils Market
Oil climbed from the lowest close in 15 months after a three-day rout started by the US banking crisis and accelerated by options covering. West Texas Intermediate futures edged above $68 a barrel after tumbling around 12% over the previous three sessions.
Airline Stocks Slide Despite CEOs' Upbeat Demand Outlook
Airline stocks slid Wednesday as the market fell broadly amid concerns over stability of some banks and new data that showed a slowdown in consumer spending.
COMPANY
First Republic Bank Reportedly Exploring Its Options, Including a Possible Sale
Citing sources with knowledge of the matter, Bloomberg News reported late Wednesday that the San Francisco-based bank is also looking for ways to improve its liquidity, and noted that a potential sale would likely draw interest from larger rivals. The report added that no decision has been reached and First Republic may decide to remain independent. $First Republic Bank (FRC.US)$
Adobe Lifts Profit Forecast for Fiscal 2023 and Beats Estimates on Quarterly Results
$Adobe (ADBE.US)$ shares rose 5% in extended trading on Wednesday after software maker announced fiscal first-quarter results that topped Wall Street estimates and lifted its full-year foercast.
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Snap Stock Surges on Report That Biden May Ban TikTok
Shares in social media companies $Snap Inc (SNAP.US)$ and $Meta Platforms (META.US)$ jumped in after-hours trading on Wednesday after the Biden administration was reported to be considering banning TikTok in the U.S. unless Chinese tech giant ByteDance divests its stake.
Source: Bloomberg, CNBC, Dow Jones
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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