Money markets are still largely pricing in a 25-basis-point rate hike by the Fed in March.Īt 11:31 a.m. Weak retail sales figures as well as data showing a downward trend in producer inflation on Wednesday had bolstered bets of a small rate hike by the Federal Reserve at its meet concluding on March 22. U.S.-listed shares of Credit Suisse ticked 3.2% higher after the bank secured a credit line of up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence.ĭata showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength, which could persuade the Fed to keep raising rates further. It seems to be moving into some well known large cap technology company companies, which is likely a positive." "Underneath the hood, if you look at what's been happening in the selling of banks, that money is actually not left at market. Also, the news that there are a couple of major banks that are looking to bolster First Republic certainly seems to have calmed down that regional bank sell off this morning," said Art Hogan, chief market strategist at B Riley Wealth. "A vote of confidence from Janet Yellen in talking about the soundness of the US banks was one of the pivot points for sure.
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