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Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. And with potential Fed rate hikes their key concern, Monday's data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.

☆ Factbox: Silvergate crisis: Crypto industry majors drop embattled lender
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

La Jolla, California-based Silvergate, one of the most influential banks in the digital asset industry, also said it has made a "risk-based decision" to discontinue the Silvergate Exchange Network that enabled crypto payments. loadingCoinbase Global (COIN.O):The crypto exchange said it was no longer accepting or initiating payments to or from Silvergate. loadingCrypto.com:A spokesperson for the crypto exchange said in an emailed statement to Reuters it was temporarily suspending USD deposits and withdrawals via Silvergate out of caution. Gemini:The crypto firm said on Twitter it has stopped accepting customer deposits/processing withdrawals via automated clearing house (ACH) and wire transfers through Silvergate on the Gemini exchange. loadingCboe Clear Digital:The company said it would be pausing all transactions with Silvergate Bank at this time until further notice.

Shares of iPhone maker Apple Inc (AAPL.O), last up 2%, were the biggest boost for the S&P 500 index (.SPX) after Goldman Sachs initiated coverage with a "buy" rating. Correlation between S&P 500 and 2-year Treasury bond yieldsMonday's data likely dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Six of 11 major S&P 500 sectors rose. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 74 new highs and 71 new lows.

The benchmark S&P 500 (.SPX) is up 6.2% so far this year after a 19.4% plunge in 2022. Nine of 11 major S&P 500 sectors advanced in early trading. However, commodity-linked shares of mining (.SPLRCM) and oil (.SPNY) companies fell 1.0% and 0.2%, respectively, after top crude and metals consumer China set a lower-than-expected target for economic growth this year at around 5%. Shares of cryptocurrency-related companies fell after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, after raising doubts about the company's ability to stay in business. The S&P index recorded 19 new 52-week highs and one new low, while the Nasdaq recorded 69 new highs and 45 new lows.

☆ Why Silvergate’s post-FTX financial woes could spell trouble ahead for crypto
▼ + stars: | 2023-03-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

Further, the spillover into a traditional bank and its stock price could fuel regulators' arguments that crypto poses a systemic risk. The big problem in crypto is that to buy bitcoin, you eventually have to interact with the traditional banking system. Silvergate's crypto bet worked for the bank, particularly in bull markets. A big part of Silvergate's crypto banking efforts was the Silvergate Exchange Network, better known as SEN, a platform that institutions used to move money to crypto exchanges. Custodia is a Wyoming-chartered special purpose depository institution designed to bridge the crypto and traditional banking systems.

☆ Crypto stocks fall as Silvergate crisis deepens
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, following its doubts about keeping its business viable. The digital assets-focused bank said late on Friday that effective immediately it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN). Shares of the La Jolla, California-based bank were down more than 4% in premarket trading, while crypto lending peer Signature Bank (SBNY.O) fell 3%. Crypto exchange Coinbase Global (COIN.O) and BTC mining machine maker Ebang International were both down about 1% each. "The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week," analysts at brokerage Bernstein said in an industry note.

☆ Silvergate's deepening crisis jolts crypto stocks
▼ + stars: | 2023-03-06 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

The crypto-focused bank said late on Friday that it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately. "The SEN is Silvergate's main flagship product that previously was the key attraction for depositors to bring funds to the bank," said analysts at Wedbush. Shares of crypto lending peer Signature Bank (SBNY.O) also fell roughly 2.5% in morning trade, while crypto exchange Coinbase Global (COIN.O) was down nearly 1%. Crypto firm Riot Platforms Inc (RIOT.O), and BTC mining machine makers Ebang International and Canaan Inc (CAN.O) drop between 1% and 2%. "The crypto market reacted to the negative news from Silvergate Bank, with both bitcoin and ethereum down about 4.8% for the week," analysts at brokerage Bernstein said.

☆ Top 10 things the Club is watching in the stock market Monday
▼ + stars: | 2023-03-06 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Morgan Stanley's Adam Jonas raises his price target on Ferrari (RACE) to $310 per share from $280. Pfizer (PFE) started with a neutral (hold) rating. Jefferies downgrades RH (RH), formerly known as Restoration Hardware, to hold, price target to $298 per share on concerns the luxury market is struggling to stabilize. Calls the chipmaker top cloud pick with a $275-per-share price target, ahead of multiple catalysts. General Electric (GE) coverage transferred at JPMorgan, which maintains neutral (hold) rating but increases price target to $88 per share.

Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. The three main U.S. stock indexes rallied on Friday and notched weekly gains as yields pulled back from their peaks after comments from Fed policymakers calmed jitters around aggressive rate hikes. Traders expect at least three more 25-basis-point hikes this year and see interest rates peaking at 5.44% by September from 4.67% now. ET, to assess the impact of higher rates on the manufacturing sector. Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

March 3 (Reuters) - Silvergate Capital Corp (SI.N) said on Friday it made a "risk-based decision" to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability. "Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). The Silvergate Exchange Network, one of the bank's most popular offerings, enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle. Silvergate shares on Friday slumped more than 2% in after-hours trading, after closing up 0.9% at $5.77 in regular trade. Stablecoin issuers Paxos and Circle, Cboe’s digital asset exchange, and crypto exchanges Bitstamp and Gemini also suspended their partnerships with Silvergate.

REUTERS/Andrew Kelly/File PhotoSummarySummary Companies U.S. stocks add to Thursday's gainsTreasury yields and dollar pull backEuropean, Asian stocks also advanceCrude oil gainsMarch 3 (Reuters) - Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back on Friday as data pointing to U.S. economic growth boosted risk appetite, even as expectations for rate hikes kept bond yields near multi-year highs. The recovery in euro zone business activity gathered pace last month, PMI survey data showed, in the latest piece of data to suggest the bloc would avoid a recession. U.S. Treasury yields paused their rally. The U.S. 10-year Treasury yield fell to 3.967%, down from Thursday's high of 4.091% . The two-year Treasury yield, which typically moves in step with interest rate expectations, dipped 3.9 basis points at 4.865%.

REUTERS/Andrew Kelly/File PhotoSummarySummary Companies U.S. stocks add to Thursday's gainsTreasury yields and dollar pull backEuropean, Asian stocks also advanceCrude oil prices fallMarch 3 (Reuters) - Wall Street stocks opened higher while Treasury yields and the dollar pulled back on Friday as risk appetite was boosted by data pointing to economic growth, even as expectations for rate hikes kept bond yields near multi-year highs. The recovery in euro zone business activity gathered pace last month, PMI survey data showed, in the latest piece of data to suggest the bloc will avoid a recession. U.S. Treasury yields paused their rally. The U.S. 10-year Treasury yield fell to 4.007%, down from Thursday's high of 4.091% . The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 0.5 basis points at 4.909%.

[1/5] Elderly visitors enjoy the sunshine, at a nursing home of Lendlease's Ardor Gardens in Shanghai, China February 27, 2023. Lim says "stigma" around retirement homes in China is quickly disappearing. About 4% of people aged 65 and over in Britain live in retirement homes, according to information service Lottie. Ding Hui, China managing director at Australian real estate firm Lendlease (LLC.AX), expects demand for retirement homes to rise sharply in the next five to 10 years. Government-run nursing homes with basic facilities in Shanghai and Beijing are much cheaper, at about 2,000 yuan ($290) a month.

☆ Moody's downgrades Silvergate's rating after going concern warning
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Global ratings agency Moody's downgraded Silvergate Capital Corp's (SI.N) deposit rating to 'Caa1' from 'Ba3' on Friday, after the crypto-focused bank raised going concern doubts earlier this week. Cryptocurrency heavyweights including Coinbase Global Inc (COIN.O) and Galaxy Digital have subsequently dropped Silvergate as their banking partner. Moody's said the Silvergate rating change reflects its "expectation that the company will continue to experience further declines in deposits, forcing it to continue selling securities, potentially at further losses." The bank's ratings were also placed on review for downgrade, Moody's said. Reporting by Eva Mathews in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Adani contrarian is a win for Hindenburg, too
▼ + stars: | 2023-03-03 | by ( Una Galani | ) www.reuters.com time to read: +6 min

GQG Partners is snapping up shares in four of the Indian tycoon’s nine core companies, including the flagship Adani Enterprises (ADEL.NS), along with Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS) and Adani Transmission (ADAI.NS). The mogul was trying to do just that last month with a $2.5 billion Adani Enterprise share sale before it was scuppered by Hindenburg’s sortie. Barring something truly exceptional, the scars of Hindenburg’s successful attack on Adani will linger for a while. GQG bought shares in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises from entities owned by the Adani family. Adani has dismissed the allegations outlined in U.S. fund Hindenburg Research’s Jan. 24 report.

Hong Kong/Seoul CNN —The billionaire mastermind behind some of the world’s biggest K-pop stars is pushing back on accusations that he’s trying to monopolize the Korean music industry. “It wouldn’t be correct to say that we’re trying to take over the whole industry,” Bang told CNN in an exclusive interview in Seoul. Bang Si-Hyuk, who chairs the HYBE management agency, spoke with CNN's Richard Quest on Tuesday. “When the two companies are combined, a monopoly and oligopolistic group of companies that account for approximately 66% of total market sales will be created,” it told CNN. The company would then announce the outcome and next steps, it told CNN on Friday.

☆ Coinbase, Gemini and other big crypto names have rushed to ditch Silvergate after the bank warned of building troubles
▼ + stars: | 2023-03-03 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +4 min

Crypto companies are cutting ties with Silvergate, once the go-to bank for digital currenciesThis comes after the crypto bank flagged doubts about its survival. Coinbase, Paxos Trust, Circle Internet Financial and Galaxy Digital Holdings all said Thursday they plan to suspend banking with Silvergate, as did the Winklevoss twins' Gemini. The exodus of crypto exchanges, stablecoin issuers and trading desks came after Silvergate flagged doubts about its future in business. Shares have fallen almost 95% in the past 12 months, as more than a dozen of its crypto firm customers shut down, were fined or came under investigation. Silvergate used to be the go-to bank for the biggest names in crypto, operating a key payments network used for real-time transfers between the firms.

☆ Top 10 things the Club is watching in the stock market Friday
▼ + stars: | 2023-03-03 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Club holding Costco (COST) was a little disappointing Thursday evening, with an earnings beat overshadowed by some softer February trends. Analysts outline five "underappreciated catalysts" that they think will drive a re-rating of the Club holding in the next twelve months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Stocks gain as Bostic backs quarter-point hike
▼ + stars: | 2023-03-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The 10-year yield was last up 6.7 basis points to 4.064%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.4 basis points at 4.885% after earlier touching a fresh 15-year high at 4.944%. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 2, 2023. Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers. The S&P 500 posted 10 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 80 new highs and 153 new lows.

☆ Stocks gain as yields cool from earlier highs
▼ + stars: | 2023-03-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 2, 2023. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 1.5 basis points at 4.904% after touching a fresh 15-year high at 4.91% earlier in the day. The S&P 500 was trading just above its 200-day moving average, seen as a key support level by traders, after briefly falling below it for the first time since Jan. 25 earlier in the session. Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored decliners. The S&P 500 posted 8 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 64 new highs and 139 new lows.

The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.93%. The S&P 500 and Nasdaq fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. The S&P 500 (.SPX) fell 22.28 points, or 0.56%, to 3,929.11, but was trading near its 200-day moving average, seen as a key support level by traders. The S&P index recorded two new 52-week highs and 12 new lows, while the Nasdaq recorded 26 new highs and 71 new lows. Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Futures extended losses after data showed the number of Americans filing new unemployment claims fell again last week, pointing to sustained labor-market strength. Another set of data showed non-farm unit labor costs were revised to 3.2% in the fourth quarter, against economists' estimate of a 1.6% rise. The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.94%. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. ET, Dow e-minis were up 56 points, or 0.17%, S&P 500 e-minis were down 21.75 points, or 0.55%, and Nasdaq 100 e-minis were down 107 points, or 0.89%.

☆ Silvergate slumps 28% after delaying annual report, warning about viability
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Silvergate Capital (SI.N) shares plummeted 28% late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research. In January, three U.S. senators asked Silvergate for details about its risk management practices and its dealings with FTX. "The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the Company," Silvergate wrote in a filing to the Securities and Exchange Commission on Wednesday. Silvergate said it does not expect to file its report by an extension date of March 16.

☆ Crypto exchange Coinbase stops initiating payments to or from Silvergate
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

March 2 (Reuters) - Cryptocurrency exchange Coinbase Global Inc (COIN.O) said on Thursday it was no longer accepting or initiating payments to or from Silvergate Capital Corp (SI.N) after the lender warned it was evaluating its ability to operate as a going concern. Shares of Silvergate extended their losses after the announcement from Coinbase. The exchange also said it had minimal exposure to Silvergate. It was also evaluating the impact of these events on "its ability to continue as a going concern," it said. La Jolla, California-based Silvergate reported a $1 billion loss for the fourth quarter as investors raced to withdraw deposits in the wake of crypto exchange FTX's bankruptcy.

☆ Top 10 things the Club is watching in the stock market Thursday: Bond yields pop, Salesforce supports Dow
▼ + stars: | 2023-03-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

The Dow Jones Industrial Average looks like it's going to get spared because of the surge in Dow stock Salesforce (CRM). Snowflake (SNOW) drops more than 9.5% early Thursday, the morning after lowering its full-year product revenue guidance to 40% growth year over year from 47%. Dollar Tree (DLTR) downgraded to neutral at JPMorgan after the quarter; price target trimmed to $150 per share from $160. Canaccord downgrades to hold from buy; big catch-up price target cut to $9 per share from $25. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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