March 14: Market Summary

The 2023 bank panic

Good afternoon. Markets climb after sharp selloff, Bitcoin briefly tops $26k, and the U.S. just had its second-biggest bank failure in history.

Let's dive in.

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Markets

Here are today's market moves:

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What Happened?

• U.S. stocks climbed on Tuesday after a selloff sparked by the collapse of a major U.S. bank.

• Silicon Valley Bank, a popular bank for startups, collapsed on Friday in the second-biggest bank failure in U.S. history:

• The recent turmoil in the U.S. financial system increases the likelihood that the Federal Reserve will slow down, or even pause, its rate hikes.

• The crypto market climbed on Tuesday, with Bitcoin briefly topping $26,000, its highest level since June 2022.

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Catch Up

1. President Biden on Monday said the U.S. banking system is safe.

2. ChatGPT creator OpenAI launches GPT-4, its most powerful AI model.

3. Meta announced it will lay off 10,000 employees. Mark Zuckerberg has declared 2023 the "year of efficiency."

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What Else?

Alex Cohen @anothercohen

I'm not going to lie, this is the most entertaining exit interview I've ever witnessed

Rowan Cheung @rowancheung

I just watched GPT-4 turn a hand-drawn sketch into a functional website. This is insane.

Fintwit @fintwit_news

Silicon Valley Bank was the 16th largest U.S. bank, with $210 billion in assets. It collapsed in just two days.

Genevieve Roch-Decter, CFA @GRDecter

Uber has no cars. Airbnb has no real estate. Banks have no money. This is the new economy.