Morning Call

The DOJ and SEC have opened separate investigations into Silicon Valley Bank's downfall, with the probe looking into whether SVB executives sold any stock prior to the collapse. Former SEC Counsel Member Jacob Frenkel and Former Assistant Treasury Secretary Chris Campbell explain the situation. Plus, famed investor Carl Icahn says he isn't liking some of the prices in tech stocks. Arete Research's Richard Kramer gives his thoughts. And, the crypto market has been on a tear this week as Bitcoin surges to a 9-month high. Kaiko's Clara Medalie weighs in on the sector's outlook. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Regional banks have gotten hammered in the wake of SVB and growing investor concerns over viability and balance sheets, but they're catching a bid this morning. Financial Times' Arash Massoudi and KBW's RJ Grant explain the latest developments. Plus, the ripple effects of the SVB collapse are hitting VC-backed companies as founders race to withdraw cash in time to make payroll. MSA Capital's Ben Harburg breaks down what he's seeing. And, investors are gearing up for the February CPI report today, which is expected to show inflation remaining high but down slightly from January's read. New Street Advisors Group's Delano Saporu, Potomac Wealth Advisors' Mark Avallone, Wells Fargo's Sarah House, and Main Street Asset Management's Erin Gibbs discuss the outlook. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Silicon Valley Bank is extending yesterday's massive losses after falling more than 60% as some of tech's biggest VCs tell clients to pull their money. Argus Research's Stephen Biggar explains the impact on the financial sector. Plus, investors are waiting on one of the most important economic data points of the month: the February jobs report. First Watch CEO Chris Tomasso tells us what he's seeing in the hospitality industry. And, Apple kicks off its investor day today as the stock outperforms the broader markets. Deepwater Asset Management's Gene Munster lays out what to expect. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

President Biden is preparing to release his latest budget to Congress, with a key piece of the budget involving higher taxes on wealthy Americans to help fund Medicare for at least the next 25 years. Raymond James' Ed Mills gives the details. Plus, Mastercard is out with its latest read on retail sales as the American consumer continues to show resilience. Mastercard Economics Institute's Michelle Meyers is here with a first look at the report. And, traders are now pricing in a 78% chance of a 50 basis point hike at this month's Fed meeting. Fernwood Investment Management's Cate Faddis and Credit Suisse's Patrick Palfrey discuss the impact on markets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fed Chairman Jay Powell heads back to Capitol Hill this morning for Day 2 of testimony, this time before the House Financial Services Committee. The Wall Street Journal's Nick Timiraos explains what to expect. Plus, investors are looking to shake off the dust from yesterday's Powell-fueled sell-off. FS Investments' Troy Gayeski, KKM Financial's Jeff Kilburg, and Delancey Wealth Management's Ivory Johnson discuss the markets. And, energy industry leaders are in Texas for the 2023 Cera Week in Houston. Brian Sullivan sits down with Dow CEO Jim Fitterling to weigh in on the outlook. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Fed chairman Jay Powell heads to Capitol Hill today to testify before the Senate Banking Committee today and the House of Representatives tomorrow. The New York Times’ Jeanna Smialek breaks down the Powell tea leaves. Plus, WTI crude closed above $80 a barrel in yesterday’s session, its highest level since topping $82 a barrel at the end of January. OPIS’ Denton Cinquegrana discusses the energy sector. And, Bank of America CEO Brian Moynihan is predicting a technical recession for the U.S. during the third quarter of this year. RDM Financial Group’s Michael Sheldon and G Squared Private Wealth’s Victoria Greene explain what this means for the markets. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The markets are facing a crucial test this week with the February jobs report on Friday, along with Fed Chair Jay Powell’s semi-annual testimony to Congress on the economy and monetary policy. Former Fed Vice Chairman Roger Ferguson explains what to expect. Plus, China has set a modest target for economic growth this year during the annual session of its National People’s Congress. Longview Global’s Dewardric McNeal gives the latest. And, Wall Street may finally be giving way to stock alternatives, with many fund managers allocating assets in bonds, cash, emerging markets, and commodities. Girard’s Timothy Chubb and Pivotal Advisors’ Tiffany McGhee explain what this means for your money. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Republican-led ESG backlash is set to hit President Biden’s desk and his veto pen after the Senate voted to overturn a labor department rule that permits fiduciary retirement fund managers to consider ESG factors in their investment making. Former Deputy Treasury Secretary Sarah Bloom Raskin explains the fight’s path forward. Plus, Fed governor Christopher Waller says the central bank may need to raise rates higher than the 5.1%-5.4% projected range if economic data stays hot. Infracap’s Jay Hatfield explains the impact on markets. And, with the Dow on track to snap a four-week losing streak and the S&P a three-week downturn, where should you invest your money? Charles Schwab’s Jeff Kleintop weighs in. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tesla's Investor Day is sending shares of Tesla down after CEO Elon Musk revealed part three of his master plan. GLJ Research's Gordon Johnson and New Street Research's Pierre Ferragu lay out the bull vs. bear cases for the stock. Plus, hedge fund mogul David Einhorn is keeping his negative view on stocks as inflation and interest rates could push even higher.  New Street Advisors' Delano Saporu and Veritas Financial Group's Greg Branch discuss what this means for markets. And, Fanduel parent company Flutter Entertainment beat expectations, largely because of its U.S. business. Flutter CEO Peter Jackson gives the outlook for the company. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Lowe's is out with earnings today on the back of Home Depot's mixed results. BofA Securities' Liz Suzuki explains what to expect. Plus, Tesla is reportedly readying a revamp of its top-selling Model Y crossover ahead of the company's annual investor day. Wall Street Journal's Tim Higgins gives the latest. And, the Equipment Leasing and Finance Association says U.S. companies borrowed 6% more in January for agriculture investments. CNH CEO Scott Wine breaks down the sector. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.