Bill Ackman suggests Fed should pause on rate hikes on Wednesday
Billionaire investor and Pershing Square CEO Bill Ackman said the U.S. Federal Reserve should pause its rate of interest hikes, because the Federal Open Market Committee meeting kicks off Tuesday.
Noting that markets have seen “major shocks” with the closures of U.S. banks, Ackman said the banking crisis “remain unresolved” and that higher rates is not going to help with the situation.
“This just isn’t an environment into which the @federalreserve ought to be raising rates and adding additional pressure on the system as financial stability is the Fed’s first responsibility,” he said in his tweet
– Jihye Lee
Regional bank stocks rebound from steep losses
Oil prices drop amid global banking turmoil
The front-month April WTI Nymex was lower by 1.45% on Monday, trading at $65.75 per barrel. That level continues to be above Friday’s low of $65.17, which was the bottom level since December 2, 2021 when WTI traded as little as 62.43
Brent oil prices also dipped into the red, recently down 0.7%, or at $72.47 per barrel.
— Pia Singh
Bitcoin surges to nine-month high as Treasury yields touch six-month low
Bitcoin climbed to $28,551.73 in early trading, the very best level since June 12, 2022, when bitcoin traded as high as $28,647.91.
Ether reached $1,846.25, the very best level since Aug. 19, 2022, when ether traded as high as $1,879. Coinbase is on pace for its sixth straight each day advance.
The moves got here as 2- and 10-year Treasury yields fell to their lowest levels in six months. The U.S. 2-year yield fell to three.635%, the bottom since Sept. 13, while the U.S. 10-year yield touched 3.291%, the bottom since Sept 12.
— Scott Schnipper, Gina Francolla
Stocks making the largest midday moves
Listed here are a number of the names making the largest moves in midday trading:
- UBS, Credit Suisse — U.S.-listed shares of Credit Suisse dove nearly 52% after UBS agreed to purchase Credit Suisse for 3 billion Swiss francs, or $3.2 billion. UBS shares gained about 5%.
- US Bancorp — The stock rallied nearly 6% after being upgraded to outperform from neutral by Baird. The Wall Street firm said US Bancorp may benefit because the bank crisis pushes depositors to maneuver holdings to larger regional banks.
- Virgin Orbit— Shares tumbled greater than 35% as the corporate scrambled to secure funding and avoid bankruptcy, which could come as early as this week with out a deal, in keeping with people acquainted with the matter.
To see more stocks making moves in midday trading, read the complete story here.
— Michelle Fox