Wall Street Today | Wall Street Rattled by Selloff, Trading Halts at Two Small Banks

The Federal Reserve should suspend its interest-rate increases after one more this week, former Fed Vice Chair Richard Clarida said.

"I would be in the camp of signaling a pause," Mr. Clarida said at The Wall Street Journal's Future of Everything Festival on Tuesday, citing the cumulative effects of the Fed's rate increases so far as well as tighter credit conditions following the failures of a few regional banks in the past two months.

U.S. job openings dropped to their lowest level in nearly two years in March and layoffs rose sharply, in signs that demand for workers is cooling a year after the Federal Reserve began lifting interest rates to combat inflation.

Layoffs rose to a seasonally adjusted 1.8 million in March from the prior month, up from a revised 1.6 million in February, the Labor Department said Tuesday. The increase was led by job losses in construction, leisure and hospitality and healthcare industries—sectors that have driven job growth in recent months as tech, finance and other white-collar industries cooled.

Part of what's driving bank shares down is the fact that many regional bank investors assumed the Federal Deposit Insurance Corp. would announce a change to deposit insurance alongside its announcements about the First Republic receivership process, said Gary Tenner, an analyst at DA Davidson. The level of uninsured deposits at Silicon Valley Bank and Signature played a key role in the bank runs that led to their downfall.

Tesla increased the price of vehicles including its Model 3 and Model Y in the U.S., China, Canada, and Japan. In China, Tesla's Model 3 now costs 231,900 Chinese yuan ($33,549.86), up from the previous price of 229,900 yuan, according to the company's website.

In the U.S., the Model 3 and Model Y series of cars now cost $250 more. The Model 3 starts at $40,240, while the Model Y is priced at $47,240. However, the price of Tesla's vehicles remains lower than at the start of the year due to several rounds of price cuts across the world.

AMD CEO Lisa Su said in a statement that the company sees" growth in the second half of the year as the PC and server markets strengthen."