Stock market today: Live updates

The Swiss franc has seen continued volatility following the developments over Credit Suisse, and has finally rallied against the U.S. dollar to stem previous weakness after lenders announced they would borrow about $54 billion from the Swiss National Bank. increased by 0.17%.

The Japanese yen has also seen further strengthening to trade at 132.86 against the dollar. The Korean won rose 0.13% against the dollar to 1,311.24 yen.

– Lee Ji Hye

First Republic Bank is considering options to boost liquidity, including selling lenders, Bloomberg reported, citing people familiar with the matter.

The bank is expected to draw interest from rivals and no decisions have been made, the report said.

Bank shares rose 3.92% in after-hours trading Wednesday night in the US. This is after he rose more than 20% earlier this week alongside local banks.

Steve Eisman of ‘The Big Short’ fame said investors should be upset if the Federal Reserve stops raising rates next week due to an escalating banking crisis.

“50 basis points is off the agenda. So they either do 25 basis points or they do nothing,” Eisman told CNBC’s “Fast Money” Wednesday night.

“If the Fed doesn’t raise rates, it’s probably going to be positive for hours to weeks,” he said. “But the Fed is afraid so they won’t hike rates. If the Fed is afraid, you should be afraid too.”

CNBC Pro subscribers can read more of his analysis here.

— Kim Ha Kyung

JPMorgan analyst Michael Feroli believes GDP numbers could take a hit in the coming quarters as investors grow more worried about the financial sector, especially mid-sized banks. increase.

“A very rough estimate is that a slowdown in lending growth by medium-sized banks could reduce the level of GDP by 0.5% to 1% over the next year or two,” Feroli said in a note Wednesday. I am writing to

“We believe this is largely in line with our view that a tightening of monetary policy will push the US into recession later this year. No, it’s unusual when it’s not,” he added.

The company expects the Federal Reserve to announce a rate hike of 25 basis points rather than a 50 basis point hike or a moratorium on rate hikes altogether.

“We expect a 0.25 percentage point rate hike. A pause now would send the wrong signal that the Fed’s inflation resolution is serious,” Ferroli said.

“Relatedly, it could also send a false signal about ‘financial dominance’, suggesting that central banks are reluctant to tighten or are in a hurry to ease due to concerns about financial stability. The idea is that there is

— Kim Ha Kyung

Check out the companies making headlines after the bell.

swiss credit — Credit Suisse shares rose nearly 7% after statements from the Swiss Financial Market Supervisory Authority and the Swiss National Bank said the bank was now well capitalized. SNB added that it will provide additional liquidity if needed. Shares fell 13.9% during Wednesday’s trading session after the Saudi National Bank, Credit Suisse’s biggest investor, said it could not provide further financial support to Swiss banks.

Adobe — Shares of software companies rose 4.6% on better than Wall Street expectations in the first quarter of the fiscal year. The company reported adjusted earnings of $3.80 per share and earnings of $4.66 billion. Analysts surveyed by Refinitiv had expected earnings per share of $3.68, or $4.62 billion.

five lower — The value retailer’s share price fell more than 3% in long-term trading and fell after the company’s first-quarter outlook weakened. According to Refinitiv, Five Below reported earnings that exceeded Wall Street expectations, and earnings were in line with expectations.

CNBC Pro subscribers can find the full list here.

— Kim Ha Kyung

US stock futures were mixed on Wednesday night after investor concerns over a widespread banking crisis led to a volatile trading session.

Dow Jones Industrial Average futures fell 24 points, or 0.07%. S&P 500 futures were up just 0.03%, while Nasdaq 100 futures were up 0.10%.

— Kim Ha Kyung