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Credit Suisse and banking crisis, Fed meeting, Nike earnings top week ahead
Investors should not throw the baby out with the bath water in SVB collapse aftermath: Lori Calvasina
Lori Calvasina, RBC Capital Markets’ head of U.S. equity strategy, discusses the state of the U.S. economy in the aftermath of the Silicon Valley Bank collapse and ahead of the Federal Reserve’s March meeting.
Investors are coming off a turbulent week after the collapse of Silicon Valley Bank jolted financial markets and threw into question the future of a handful of smaller, regional banks. In the coming week, uncertainty remains heading into the Federal Reserve’s March meeting.
DOW JONES AVERAGES
DOW JONES AVERAGES
U.S. stocks ended Friday sharply lower. But the week was mixed with the Dow Jones Industrial Average being little changed, while the S&P 500 added 1.4% and the Nasdaq Composite 4.4%.
S&P 500: +1.4%
Nasdaq Composite: +4.4%
Cyrptocurrency will also be in focus after Bitcoin, the largest crypto by market value, crossed above the $26K level as investors rotated out of stocks and bonds amid the banking melee.
LIVE CRYPTO PRICING: HERE
FOX Business takes a look at the biggest market events in the coming week.
The solidity of the U.S. banking system remains a top concern for investors as the future of several firms hangs in the balance.
Credit Suisse is reportedly in talks with several European rivals over its assets as its stock tumbled to fresh record lows last week. Its problems were mounting even before the collapse of Silicon Valley Bank.
THE FDIC AND YOUR MONEY: WHAT'S PROTECTED & WHAT'S NOT
CREDIT SUISSE GROUP AG
In the U.S., regional banks remain under pressure after First Republic was provided $30 billion in deposits by 11 of the largest American banks. However, that did little to stem investor worries. Shares lost 72% for the week.
HOW SILICON VALLEY GOT BURNED
The contagion stemmed from the collapse of SVB, which was seized by the FDIC last week. The firm officially declared bankruptcy Friday, and its assets, as well as those of Signature Bank, which was also taken over by regulators, are up for grabs, according to FOX Business.
In earnings news, Foot Locker is set to report. The athletic retailer is considered a decent gauge of how Nike is performing. It reports Tuesday.
FOOT LOCKER INC.
Additionally, Chinese President Xi Jinping plans to visit Russia. While a date was unconfirmed, the meeting may take place as early as this week.