5 things you need to know before the stock market opens on Thursday, March 16

Here are the most important news items investors need to start their trading day:

Two trading days left in this chaotic week driven by banking turmoil. Credit Suisse, the current figurehead of the turmoil, accepted the Swiss central bank’s offer to offer a lifeline. Will that calm everyone down? That’s not clear, especially as the banking crisis has left many wondering whether the Federal Reserve will indeed raise rates at its policy-making meeting next week. It was widely expected to announce a quarter-point increase, but more people are betting on a pause on the assumption that system stability is more important than taming inflation. Read live market updates.

Shares of Credit Suisse traded higher on Thursday after the Swiss banking giant said it would borrow up to $54 billion from the Swiss central bank. It’s been a hectic week for Credit Suisse. Earlier this week, the bank and others in Europe slipped on fears of contagion from the collapse of the US Silicon Valley Bank. On Tuesday, the Swiss bank was dealt another blow when it exposed “material weaknesses” in its financial performance in 2021 and 2022. Shares hit an all-time low on Wednesday after Saudi investors said it would be unable to raise any more money. to pump the bank. Then came the action of the Swiss National Bank, which is currently providing a boost.

What’s bad for TikTok is good for Snap and Facebook owner Meta. Shares of the latter two social media companies rose in after-hours trading following a Wall Street Journal report that said the Biden administration had told TikTok’s Chinese owner, ByteDance, to sell its stake or face a ban on TikTok in the US, which has become extremely popular. has challenged both social media and traditional media companies for people’s time and attention in recent years, is a top target for national security hawks on both sides of the political divide, given its Chinese connections. ByteDance has dismissed the criticism. “The best way to address national security concerns is with the transparent, US-based protection of US user data and systems, with robust third-party monitoring, vetting and verification, which we are already implementing,” the company said Wednesday. .

The US says video released on Thursday shows a Russian fighter jet colliding with a US drone, which then crashed into the Black Sea. The incident, which took place on Tuesday, heightened already hot tempers on both sides as the United States continues to support Ukraine’s defense against Russia’s invading forces. Elsewhere, the battle for Bakhmut in eastern Ukraine remains fierce. a pro-Russian official said Ukraine is building up troops in the area. Follow live war updates.

Virgin Orbit has suspended operations until next week and has put nearly all of its employees on furlough as it seeks funding, CNBC reporter Michael Sheetz said. The news hit the company’s already beleaguered stock, sending it down more than 40% in after-hours trading to about 60 cents a pop. The company is known for using a modified 747 jet to carry rockets under its wings that would then launch satellites into space. The last mission, in January, failed during a flight. The rocket crashed into the ocean. As of Wednesday evening, Virgin Orbit had still not announced when it would publish its fourth-quarter financial results. (Sign up for CNBC’s Investing in Space newsletter.)

– CNBC’s Hakyung Kim, Elliot Smith, Jihye Lee, Jonathan Vanian, Holly Ellyatt and Michael Sheetz contributed to this report.

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