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Wall Street Today | Yellen Says US Prepared for Additional Deposit Actions If Needed

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Moomoo Recap US wrote a column · Mar 23, 2023 19:49
Wall Street Today | Yellen Says US Prepared for Additional Deposit Actions If Needed
MACRO
Yellen Says US Prepared for Additional Deposit Actions If Needed
Treasury Secretary Janet Yellen told US lawmakers that regulators would be prepared for further steps to protect the banking system if warranted, a day after her remarks on nationwide deposit insurance rattled markets.
Banks Are Still Drawing on the Fed for $164 Billion of Emergency Cash
Banks reduced their borrowings only slightly from two Federal Reserve backstop facilities in the most recent week, a sign that institutions are taking advantage of the central bank’s liquidity in the wake of turmoil.
US institutions had a combined $163.9 billion in outstanding borrowings in the week through March 22, compared with $164.8 billion the previous week, according to Fed data Thursday.
>>Read more
Hedge Funds Marathon, Redwood Scoop Up Credit Suisse Claims
Hedge funds are snapping up claims on $Credit Suisse(CS.US)$'s AT1s, setting up what will be a contentious legal battle over the $17 billion in debt that was written down to zero.
Marathon Asset Management LP, Redwood Capital Management LLC and Sona Asset Management are among funds buying Credit Suisse's AT1 bonds, which are now trading as claims, according to people familiar with the matter. They’re likely betting that the bonds will win a lucrative repayment, potentially through litigation.
SECTORS
American Households Likely to Sell $750 Billion in Stocks, Goldman Sachs Estimates
American households will sell $750 billion of stocks this year in the first annual drop in demand since 2018, thanks to higher bond yields and lower savings, Goldman Sachs Group Inc. strategists say.
COMPANY
Block Shares Plunge 15% After Short Seller Hindenburg Says Jack Dorsey's Company Facilitates Fraud
Shares of Jack Dorsey's $Block(SQ.US)$ plunged nearly 15% by Thursday's close after short seller Hindenburg Research announced that the payment company was its latest short position, alleging that Block allowed criminal activity to operate with lax controls and "highly" inflates Cash App's transacting user base, a key metric of performance.
Apple to Spend $1 Billion a Year on Films to Break Into Cinemas
$Apple(AAPL.US)$ plans to spend $1 billion a year to produce movies that will be released in theaters, according to people familiar with the company's plans, part of an ambitious effort to raise its profile in Hollywood and lure subscribers to its streaming service.
Walmart Lays off Hundreds of Workers at E-Commerce Facilities
$Walmart(WMT.US)$ is laying off hundreds of employees at e-commerce facilities across the country, as the big-box giant and other retailers brace for a tougher year ahead.
UBS Races to Seal Credit Suisse Deal As Soon As Late April, Sources Say
The Swiss authorities and $UBS Group(UBS.US)$ are racing to close the takeover of $Credit Suisse(CS.US)$ within as little as a month, according to two sources with knowledge of the plans, to try to retain the lender's clients and employees.
Accenture Trims Forecasts, to Cut 19,000 Jobs As It Spending Slows
$Accenture(ACN.US)$ lowered its annual revenue and profit forecasts and decided to cut about 2.5% of its workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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