years? yes, esg has been used to hijack and remove the profit motive from many companies. companies are making poor decisions particularly when it comes to energy needs, but it's too bad that the g, at the g is never the focus, because if svb had focused on the g, they would have never if gone bankrupt. it's a cautionary tale to other companies, and i hope they're paying attention to esg, again, environmental, social, mostly lip service. neither here nor there. but the governance part, i think we've all learned the hard way if management's not paying attention, we're all at risk and guess what? sometimes you all pay the price. over to my colleague, liz claman. liz: and where were all these bank regulators, charlessome the comptroller of the currency and everything like that? charles: did you look at the stress test? it has nothing in there for the kind of rate hikes that we've seen over the past year. it's just been a debacle. liz: exactly. everything that was supposedly put into place not working.

okay, charles, you know, you think after today's gyrations regulators still think they may have saved the day by bailing out depositors in svb and signature. we're getting some headlines on credit suisse hard the helping to break the fever from what earlier looked like extreme con today job spreading. -- contagion spreading. the lower right-hand bug of our screen, you can keep an eye on the swiss bank while we give you the news here. swiss government is holding talks on options to apparently stabilize yes, sir sweet. according to bloomberg -- credit suisse. if options that perhaps range from a public statement to support -- of support to the a potential liquidity backstop. you can secret suisse is trading right now at $2, low of the session $1.79. it is still down about $29. it is considerably, still, quite very is weak. sorry, we are continuing to see -- that's the s&p 500, rather.

let's get to the major indices is. while still in the red, they are off the lows. the s&p had dropped 81 points, we are down about 28 at the moment. and now we rook at the nasdaq. the nasdaq seeing bits of green here and there. it briefly turned positive, and it is right now back into the green right in this minute. we have it moving higher at the moment by about 16 points. and then the russell 2000, this is the big problem here. it's still down about 2.75%. the small and mid caps are getting absolutely ham hammered, down 33 points or 1.8% at the moment. but earlier as we say the russell 2000 was really getting clocked here. the the intraday of the dow jones industrials, that speaks volumes. the blue chips right now down the 296, but at the low of the session the dow was losing, you ready? 725 points. it is the components at close to or at the bottom of the dow that tell the story in the wake of the two bank failures, silicon valley bank and signature bank,

over the past five days. bank of america, one of the biggest beneficiaries. if we look at the dow heat map, friday's svb implosion when depositors yanked their money out of regions shoved it into bac, but right now they're still struggling. and jpmorgan chase, which is the dow component there, down 4.6%. and if you look a little bit to the left there, goldman sachs is also swooning, down 3.33%. jpmorgan chase along with goldman sachs probably a beneficiary there. they're not doing so well odd. they are still struggling. now, we are seeing pronounced spasms and swoons in multiple areas. treasury yields, fed funds futures. if you look at the 2-year note, this is a one-week picture, this is crucial, one week ago this yield was at 5.7%. it has fallen about 23%. that's a neck-snapping move.

since then it's now at 3.95% for that yield, that's the lowest since september 13th. real flight to safety there. unrelated to banks, oil is getting hammered. we're in the aftermarket right now. we do have west texas intermediate at a more than one-year low, down the about 4 percent. earlier it was down 6% on fears if say, for example, credit suisse were to fail or another bank, even a regional might stumble, that would slow down global demand. but perhaps the top issue of the minute for the entire market remains credit suisse. zurich-based global bank already embattled due to problems in its financial problem. the bank called material. that means bad. shares of the 167-year-old swiss bank had touched that all-time low of $is -- $1.79, still holding at $2 with those headlines out of bloomberg that the there may be some type of rescue. fear though before that headline oozed all over the european

markets. investors fueled by a cocktail of credit suisse bloodshed and the looming interest rate announcement by the european central bank tomorrow ran for the exits dumping shares across many sectors, not just banks. what's worrisome about the credit suisse situation is that the markets' response starts to smell a bit like the days leading up to the 2008 financial crisis when credit default swaps, the cost of insuring against default, spiked. s&p global market intelligence reported earlier today that wells fargo's 5-year credit default swaps or cds spreads rose to 102 basis points. similar swap spreads for jpmorgan rose to 97 basis points, both hitting the highest since october 2022. what is really happening beneath surface of the choppy waves at this hour, and will it force our federal reserve to pause one week from today? we've assembled a very important group of voices, former federal reserve governor bob heller on the tight spot hat the federal

reserve is in now, we have nayim khan who is keeping a close eye on headlines out of credit suisse. and solis alternative asset management strategist -- sorry, talking a lot here -- dan greenhouse. let's start with nayim in london, what's the latest with credit suisse? >> thanks for having me, liz, as always. there is still plenty of panic among traders over here, because credit suisse is really a lehman moment. it is too big to fail. and that is the reason that now, only now we are hearing from the government, from the swiss government which has pretty much agreed, let's just say that, to provide its support. without its support, the fallout from from this particular bank was going to be absolutely immense. liz: let me interrupt you there. so the european banks, not just credit suisse with, have really stumbled. earlier today, we can show the ones that are american

depository receipts, european banks that trade here in the u.s., everyone from deutsche bank, bnp paribas, you know, you can put up hsbc, there are many of them. what is the latest though? when you say support, are we talking about a bailout, a full-out rescue by the swiss national bank? >> we don't know at this stage, and that is the uncertainty of that, because if that is the case, then the i am sure credit suisse isn't going to be the only institution. we welcome will be hear -- we will be hearing from a lot of other institutes asking for similar support as well. you're absolutely correct, all the european major banks, they are so much intertwined with each other and holding balance from one bank to another bank. so the exposure is absolutely concern. liz: i want to bring in bob heller, former federal reserve governor. bob, couple until i guess before the fall -- up until i guess before the fall of svb, the federal reserve was on door rately opposed to hiking its

interest rate trajectory. will it be forced to pause? >> i think when the house is on fire, it's appropriate to calm things down, not to increase interest rates at this very moment. but the long term inflation fight is still on. so after a short pause to calm the waves, then the federal reserve has to combat inflation which is still running at a very high rate, three times at what the federal reserve wants it to run. i would like to be down to zero. liz: well, hold on. really? down to zero? you think that we are in that situation that is such an emergency now that we need to go there? >> not right now, like i said. at the moment keep it calm, do not change interest rates at the moment. but the long-term flight -- fight against inflation has to continue. and congress has mandated that

the federal reserve to have price stability. in my mind, that means no inflation, no price increases. liz: dan greenhouse, it sure looks like the markets are struggling to come back. they have come well off the lows. dow jones industrials down 339 points after having dropped 725 points. give me your assessment of whether, i mean, i know the answer to this, is it safe of and sound? i'm thinking, no, but nonetheless, are there some cheap deals out here? >> i don't think it's safe and sound, per se, but i alsoty some of the more hyperbolic statements being os thed about right now are just that, hyperbolic. a lot of this began, if not all of it, began with the failure of svb. i think there are a lot of idiosyncratic issues at work that made svb the most likely, if not the only bank to suffer the fate -- that's not to say that signature can't also fail, because it did. but what affected svb ignited these concerns that who's the

next one. who else has unrealized losses, who else has negative equity if you account for all the off-balance sheet items. and i know there's a lot of worry out there, people are rushing to take their money out of their own bank and put it in some of the bigger banks. i'm not saying that's totally the imprudent, but some of the worst fears in the market right now are probably unlikely to be realized. liz: that is certainly good news. however, dan just arctic lated, you guys, about how the federal reserve had moved rates so quickly after having been down so long, and i think it's important to point out german bonds, german treasuries as they are known, had been yielding negative, meaning the government would pay you just to hold your money. so what kind of exposure do european banks have to those types of old, older, i guess, yields just like svb had? >> it is absolutely humongous.

but one thing that is quite different the between the federal reserve and the ecb is that the ecb is still very much in early stages of increasing those interest rates at the fastest pace the federal reserve has done. but this tells you something which is absolutely annoying about lawmakers. they are always behind the curve. they're always chasing the curve. rather than using the diagnostic tools where they are fine tuning their policies so that they can avoid such fire and then bringing out the fire causes to put out those fires, they should be using the diagnostic tools at a much earlier stage to avoid them. what is happening is they're trying to put out the fire in one place, and it emerges in another place, and there's this constant lag from these lawmakers. liz: all right. we've got some breaking news. i told you this was going to be the earth moving beneath our feet. i said that monday, it continues to do that. on the right-hand side of your screen, credit suisse has just

fallen a bit from the $2 a share once again that we started the hour at. it's at $1.98 at the moment. you know, it's such a cheap and battered stock that that equals a crop the of 21% -- a drop of 21%. this is hitting the tape, listen to this, a swiss member of parliament, thomas mater, says there is currently no discussion of state aid for credit suisse at the moment. what does that mean for trading in the europe tomorrow in not just credit suisse, but european banks? >> [inaudible] is the word that comes to my mind. liz: explain what that is. >> when the forward curves are trading at at a much higher rate than the long-term curves which you mentioned off the top of the show as well. you were referring to that. i think that is what's going to happen. credit default swaps are going to skyrocket going into tomorrow. we do not need such statements. we need surety from the lawmakers, and that is what

traders and investors really want to hear. liz: and bob heller just said that's what this market here in the united states needs to see, is calm. but if we look at the yields on treasuries, they have started to punch back up a bit higher, and that, of course, means that more people are, well, maybe it means that some people will look at them and say, oh, i missedded an earlier high yield. these yields are coming back. and, bob, does that mean that they will pile into treasuries because that right now is the safest bet going? >> well,ing that's always the safest bet going. but you see the federal reserve itself has been doing that for the last year. they have been investing in long-term treasuries, and they lost a lot of money on these long-term treasury securities. the federal reserve has assets of about $8.6 trillion on the balance sheet. it has -- i'm sorry, liabilities of about $8.6 trillion. it has assets of 7.4, and so it

has a negative net worth of about $1.1 trillion because it kid exactly the same as silicon valley bank kid. or let's put it the other way around, silicon valley bank did exactly what the federal reserve kid and, therefore, they both took the losses as interest rates went up, bond prices went down. liz: okay. and now we are seeing the yields extend their fall. the yields are moving under our feet, dan greenhouse. let me read you the headline, treasury yields extend thing their fall after that swiss official -- the story we just brought you concern said that there is no support there. but the swiss national bank, another one, another member of parliament is telling reuters i wouldn't be surprised if the swiss national bank makes an announcement on credit suisse by monday morning? that's days from now. so between now and then, u.s. stocks -- s&p's a lot cheaper right now. do you go into just a basic

index fund? >> yeah. i don't know what's going to happen in the next three days, and i don't think anybody because. what i would say is, i guess, many contrast to what naeem said earlier, this bank's not going to fail without support. this has been a slow motion locomotive for the better part of a year or two or even more. st it's not as if everybody's not aware of problems in many european banks. obviously, we're talking about credit suisse right now. the idea that credit swiss would be allowed to, quote-unquote, fail without the swiss national government stepping in in some capacity is, i would argue, farcical. and when you hear people in the government say there's no discussions on time, that just may mean on the phone with you to the reporter -- [laughter] but five minutes when we go into the back room, we will be talking about it. liz: fox business has reporters fanning out on all of these angles. we want about to thank dan, robert and naeem. naeem, interrupt us if you start

to see futures when they open and move, please keep us posted on what's going on in europe. as we look at what's happening to credit suisse, it is now at about $1.98. at the top of the show, it was $2. this is the reason we have that on the bug, because that swiss bank is in distress, and depending on what or what because the not happen whether government moves in from the swiss national bank, that may make a difference to any sort of earthquakes or tremors that we feel here. in the meantime, we are coming in with a.i. maybe the market needs a.i. to help out the situation. morgan stanley is apparently testing an a.i. matter that would certainly possibly help with financial advisers in guiding them. it's not the only one. up next, the ceo of a start-up nia joins us. we're getting dan ives, famed tech trader in front of the camera coming up as well. closing bell, 44 minutes away. dow is now down about 370

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liz: we need to just punch up the 10-year treasury yield. the has been a whip hash 20 the minutes since we started the show, up, down, all around. the 10-year is falling after earlier cutting losses. we can see that it now is at 3.50%, but it has been quite a difficult session for anybody who's been watching this because suddenly we saw the yields fall earlier odd the when we, you know, saudis stress of credit suisse and some of the -- saw the kiss stress of credit suisse. there was a flight to quality, then we saw it, as you can see

just around noon, and after that move up off the floor and now we are going back down on, as we said, conflicting reports as to whether the swiss government or the swiss national bank will move in to somehow stabilize credit suisse, the 167-year-old bank has now -- that is now trading at under $2 a share. two stocks in the green at this hour have one thing in common, they are both investing heavily in artificial intelligence. microsoft is up 1.7%. it has committed billions of collars to open a.i.'s chat bot which which we've talked about a lot here, and then alphabet, google's stock up about 2.7%. it too is beta testing its own chat bot. are a.i. companies right now -- [laughter] in the sweet spot as the bank crisis drags other sectors down? let's bring in mike buckley, a former tech angel investor with a quarter of a century of experience in the tech the world with. he is now the ceo of be my if eyes. this is a mobile app for the visually impaired which just launched a new tool today called

virtual volunteer powered by open a.i.'s new chatgp pt4 that propses to transform images to the text and give people an opportunity at more independence. be my eyes, as i understand it, had raised about $6.6 million in funding over the past couple of years, but what happens now? you understand this market to the venture capital pipeline now that silicon valley bank has collapsed. >> look, i think there's still a market for companies. you've already talked about how hot artificial intelligence is. you talk about a couple of the stocks that are up. we've seen reports that this is a $6 trillion opportunity the globally, you know, artificial intelligence. and the work that we're doing with open a.i. and companies like microsoft right now is to bring the world's 5 the 3 million blind and low vision consumers access to their products and services. liz: you know, be my eyes or many of your other previous companies you have known people,

you have probably, i'm guessing, had companies that at some point had tentacles touching or directly having money with silicon valley bank. what are you hearing are there your friends who are in the ec the world about this situation? in the tech world about this situation? >> with respect to svb, i think folks that i'm involved with and talk to feel their money's safe. i can tell you that we had limited exposure there, so i think it's a case by case basis. but i think the the svb exposure for most of the companies i work with is limited right now. liz: the app is free. how many customers do you have, and what will new a.i. chat bot or however it works make a difference for people who are trying to live their regular lives like us? >> it's a great question. we have half a million blind and low vision people on the platform and over 6 million volunteers serving them. we also work with customers like microsoft, spotify to make their customer service and accessibility better. what the a.i. promises to do

though is solve these challenges more quickly not only for the blind community, but for these businesses that are catering to businesses and other consumers. what we see as leapfrog in technology that will help companies perform their services better. liz: absolutely brilliant. well,ing we want to continue to follow the development of be my eyes, and i'm going to -- i want to bring you on my podcast, because i think this is a brilliant idea. mike, thank you so much for joining us during a very busy news day. >> appreciate you having me. liz: mike buckley. we are coming right back. the nasdaq briefly just turned positive once again. very fluid market here. we are all over it. and when we come back, dan ives, top tech analyst, on what could be a very vibrant mergers and acquisition atmosphere now. ♪ ♪

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♪ there's no going back. liz: another breaking news headline that we are just getting, a spokesperson for the u.s. office of the comptroller of the currency is now saying that the regulator concern which, by the way, if you don't know what they co, they charter, they regulate, they supposedly supervise all national banks and federal savings associations as well as federal branches and agencies of foreign banks -- they are now saying that the regulator is engaging in, quote, heightened monitoring of the u.s. national banks. so these regulators from the office of the comptroller of the currency are saying they're keeping an eye on the situation, they are monitoring it. don't know how deep that

monitoring goes, but if you look at the dow jones industrials, coming way off that 725-point deficit earlier odd. right now it's down 327. draw your eyes to the nasdaq, it's in the green now, up 6 points. nasdaq had been flirting with gains and losses but only in the last hour and a half, and now we see the nasdaq climbing, the s&p 500 is down 28 points. all of this this though, all of the gyrations have wall street's fear index gauge, the vix, moving all over the place. earlier it was catapulting skyward. it was up well above 30, but now it is below that at 25. and we've got it till up about 9% -- still up about 9%. as we look at the dow jones industrials, there are still those drags that we need to keep an eye on because they are money-centered banks. goldman and jpmorgan are pulling down the blue chips. we've got dow inc. down about 3.7%, jpmorgan down 4.5%.

goldman sachs at the moment is also in the red, down about 3.5%. other big banks that are not on the dow but they're pretty significant, they're getting dinged here. we have some bank of america bruising down just under 1%. it was a lot worse earlier. could go positive within the next, as we say, 29 minutes left to trade. wells fargo is down about 3.6%. citi down 5.5%. morgan stanley down 5%. but the biggest losses today, at least earlier, were coming from the regional banks. pac west and first republic. as we monitor where they are right now, pac west is down 13.6%. first republic which yesterday just bounced dramatically up, after a horrific monday, back down about 16. you've got key corp. in the red not by as much, huntington bank shares also down about 2%. one name that has been subject to extremely volatile swings and numerous halts this week is actually bucking the trend, and it is western alliance.

that regional bank is up 10.5 the % to $32.92, a real relief of rally there. energy stocks, unrelated to this banking situation but certainly affected dramatically by any swoon in and apparent belief that the economy might slow, big losers today. crude oil plunging to its lowest level in more than a year. we're in the aftermarket now for crude, but for the moment we do have hall burron the, diamondback and devon energy falling anywhere from 7 to 9. unease over the bank stock rout and fears in the global market are pretty much offsetting hopes of an oil command recovery in china. i was looking earlier, chinese stock thes also very weak. exxonmobil, chevron dipping lower. we've got chevron down 4.5%, exxonmobil down 5%. i would stress these are moving targets at the moment because we have seen this story before where things are deeply in the red, they come back more than they start to slip again. so let's go to our cbo e-trade

ther, the one we always turn to, prosper academy ceo scott bauer. i know you've been on the phones, you've been trading. tell me what jumps out about the trade action in these last 27 minutes. >> you know what doesn't jump out at me, liz, is if i look at the activity mt. the vix options right now, it's not out of the ordinary. on a day like today especially when we saw it spike back up towards that 30 level, we would expect potentially to see a massiveive amount of call buying. and on any typical day, a normal day, we see a call to put ratio just over 2 to 1, maybe 2.3 to 1. so more calls than puts. and today it's right at 2 to 1. so that's telling me there's not a ton of panic there. and if i look in the spx pits, which i've been talking to these all -- guys all day today, we'll

see more puts than calls, and that's right in line odd. so even though we're -- today. even though we're seeing volatility the obviously, you know, excessive and very accelerated here, we're not seeing a lot of panic buying at least from the retail side. liz: okay. >> that's coming into the marketplace. liz: yeah. that actually echoes what dan greenhouse was here earlier talking about that and said, you know, it may look like a hyperbolic, breathless situation, but you're not seeing that in some of the skeletal structure of the markets. lost in the shuffle here, scott, was the ppi, the inflation report -- >> right? liz: -- on the manufacturing side for the month of february which came in quite moderate. it matched most of the expectations instead of going way above, what we have seen lately, meaning inflation is moderating just a bit here. we've got it down one-enth of a percent if -- tenth of a percent for the month of february. we've got the fed meeting one week from today. what kind of bets are can you

seeing traders make on the floor there ahead of the meeting? >> so right now, literally as we speak, realtime, it is the 50-50. the market is pricing in a -- liz: fed funds futures, right? >> right. the probability of a 25 the basis point hike or no hike at all. that has been fluctuating over the last couple of days here. actually, this morning it was down to about a 35% chance only of a 5 the basis point -- 25 basis point hike. that has risen back up a little bit. personally, i think it would be the wrong thing for the fed not to hike. i know that this is, you know, there's some potential systemic risk out there, but if they want to keep whatever credibility they have left and they want to still follow the path, i think the appropriate thing another the is raise by 25 and change some of the language moving forward. if they react to what's going on right now and all of a sudden

pull these hikes off the table when, hope any, this may pass here in a short while here, i really think that's going to do more damage to the overall market. liz: okay. let me just pop up, if we can, we're calling lots of audibles because the situation is fluid, as i said. credit suisse is coming way off the lows here. i know it's just a $2.12 stock, but it was at $1.98 about 11 minutes ago. still down about 15%, but it was down more than 23% earlier. this is the swiss bank that was really swooning earlier. listen, it has had a whole bunch of problems over the last ten years. quick response on this, scott. credit suisse, does it need to be bailed out? is that what you're hearing? >> well, it looked like the swiss authorities just announced over the last few minutes here that they were going to come in and, you know, potentially do what the fed is here, what treasury is here, and they were going to provide liquidity. so i think the market is reacting to that positively. liz: okay.

>> do they need to be bailed out? eventually, they probably will. i don't know if that's going to happen right now, but it looks like they probably will concern. liz: okay. this headline, norway's sovereign wealth fund,s the one of the biggest, has reduced its holding in credit suisse to around 1% from 1. 49%5 the end of last year, at this point -- >> exactly. liz: scott, great to see you for that on the ground, real feel of what's coming on. we're going to come right back with analyst khan i'ves. how apple is turning into a flight to safety. we're coming right back. ♪ ♪

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liz: gang, we have just made the call to go commercial-free for the rest of the hour as we count down to the close here. we've got about 17 minutes left. we are going to look at the nasdaq here, because it had punched into positive territory. it made a couple of goes of that, i don't know how many times over the flat line, i'm

thinking three? but right now the nasdaq has reversed. it is down 45 points. the dow, which had tried to climb back, is heading back southward,st it's lower by about 438 points. that's well off the worst of the session which was a loss of 725 points. the s&p at the moment is down 1% or 45 points. biggest hit, and i'm not going to ignore the russell, down 2.25% or 39 points. this really does all kind of go back to friday when silicon valley bank collapsed. just days after we now have the newly-appointed ceo of what's left of silicon valley bank urging top venture capital clients to move deposits into this newly-created bridge entity. he ran fannie mae, he says those deposits will be among the safest -- i should put this in real quotes -- the safe safest of any u.s. bank or institution, and he says that the new bank

will honor existing lines of credit for its customers. let us bring in dan i'ves -- dan ives, knows all from silicon valley, banking, mergers and act by suggestions. do you concern acquisitions. do you expect anyone to take them up on that? >> good luck with that. they were the godfather of silicon valley banking, and i think this has been a blow that ultimately is going to, for years, you know, going to ripple in silicon valley. and i think this is, there's something that really changes the nature of the ultimate funding cycle within the vv concern vc and start-up communities. liz: yeah. and there are going to be ramifications and aftershocks from that earthquake of last week, not to mention the one we've already seen, signature bank, first republic. let's get to technology.

tech stocks are suddenly a little bit of a fright to safety opportunity. particularly apple which you have been pounding the table on for quite some time. tell me what you expect here because, i mean, apple while not in the green at the moment, barely down the just about a quarter of a percent, why do you see that it's now being perceived as an opportunity for safe investing? >> well, first of all, i would take a step back. now the fed's ap handcuffed. that's bullish for tech stocks when you look at what's happened on the 10-year. you're starting to see that flight to safety. a lot of these names are underowned, and it comes down to the demand environment. for apple, it's a story that continues to be robust despite the uncertainty, and that's why names like apple, nadella with microsoft, that continues to be our top cloud pick. and these are really starting to become the best houses in a bad neighborhood relative to a jittery market that we're seeing across the board.

liz: you know, i want to keep checking on credit suisse because the headlines have been coming fast and furiously. according to reuters, u.s. banks, well, this is sort of captain obvious here, but u.s. banks have been monitoring a potential contagion from credit suisse which has been flagging here, and we cough credit suisse well up off the lows, till at $2.18 print here, down 13%. what happens if credit suisse stumbles before the swiss national bank can really get its elbows in to fix the situation and stabilize? >> look, i think greenhouse talked about it before. there's a feeling that this has been more ring fence at least on the u.s. side over the weekend, and i think more and more of the street's starting to view this as not a systematic risk issue which, in our opinion, in these times you look at the high quality tech names, the ones that are really, ultimately, these white knuckle environments where you can really own these

stories, and that's why i look at names like apple, microsoft, salesforce.com, because ultimately a lot of times the bark's worse than the bite. this is a very nerve-wracking situation, but it's all about safety. and right now, tech is safety. liz: microsoft, palo alto networks, crowdstrike along with apple as your top picks. yesterday, i know you don't cover palantir, but alex karp was on the show yesterday not fretting, but really not happy about the fact that now people are maybe going to the look against tech because of silicon valley bank's implosion. here's what he said, and i want you to the react. here's alex karp of palantir. >> i largely think that the cradle of u.s. industry is innovation. we lead the world many tech. we need the innovation -- in tech. and silicon valley institutions are crucial. liz: are you going to start to see real consolidation because valuations have now fallen, a

lot of these companies are in disstress. the ipo market, where does that go? >> well, i think there's a lot of ramifications here. one, i think it's going to be a surge in m&a. in fact, i think big tech will ultimately, they're the ones that can get a lot of these assets potentially a lot cheaper. it's going to cause -- on the vc/start-up side where the strong will survey. but svb, that's the hearts and lungs of that that banking system within the valley. but i cobelieve big tech, ultimately, is going to the see a surge in ipos, start to tab that public market in light of what we've seen -- liz: really? why in i mean, it seems like concern you know, they always say market conditions have prevented us from going public when things are a too volatile. you don't see that? >> and that's what we've seen

with the markets over the last year and a half, but i think what you're ultimately seeing is fundamentals that are plague out better than expected, skypeer security's been strong -- the cybersecurity's been strong, and we're going to be in this sort of tug-of-war in a macro environment. i cobelieve there may be some companies that start to test the waters if they're in the right sector, but that's why it comes down. svb, it's a game-changer especially for early stage start the-ups with the godfather now done. liz: yeah. that's kind of sad. they were theback of both first and -- the bank of both first and last resort. listen, free market, but until the fed comes in and rescue the depositors. dan, it's great to have you, thank you so much. >> thanks for having me. liz: dan ives. the regional that was in serious kiss the stress monday and then bounced back yesterday, it is falling about 19% at the moment

it is down more than 20 concern 70% over just the past week since the svb collapse. charlie, what is the outlook for regional banks here? >> you know, i want to read -- i think it's pretty, well, it's obviously pretty murky. but i i want to read a headline that i'm about to put op on my twitter page which will tell you something about credit suisse. executives at jpmorgan and other big banks say the risk of credit suisse' woes is likely limited since the banking city had more than a year, a year plus, to prepare for its possible implosion given its long item standing problems. obviously, there's unfore foreseen circumstances,. liz:, but this is quick like likely to be a lehman moment, so to speak. so just a little bit of color here, you know? clearly, the banking system, you know, has been preparing for

this for a while. so, you know, and that mustn't mean, you know, there's not successic risk, but i'm -- systemic risk, but they've been watching thing. it's be a weird slow burn concern the. liz: so slow motion if slash crash, and yet the dow is down 445 points. i know it's it's off the plows -- low, but on any given hay that would be frightening for people. >> there's other problems that which aisle going to go through in about a minute here. jpmorgan toker and oig banks are unlikely to help? and boy first republic if. there's been lots of talk about them going in and buying first remix. here's some of the hurdles. this would be are dig peel they

just do not want the big banks to get any bigger. we should also point out that they believe this is at first republic if not an svb implosion situation, but they believe it's a liquidity situation, a liquidity crisis, so to speak, so giving them lines of credit is something that i think every big bank is going to do. jpmorgan is their banker. then there's the fbi issues when are we going to see this bidding that's supposed to be coming and people are talking about they're interested? from what i understand, the big banks are reluctant to buy it. now, who's the big banks? you know, jpmorgan, citigroup, wells fargo, bofa. they just think this thing is too risky, the feds would have

toive -- to give them significant guarantees not just on the loan books which is highly leveraged towards silicon valley and tech start-ups, also the legal -- remember, they all good sued, merrill lynch for bank of america during the 2008 crisis. that's something today need. now, does this mean it's impossible? it's been told to me there's a 90 percent chance, the federal government would have to the sweeten it up or maybe put a gun to their head. the more likely outcome from what i understand, liz, and welling the private jet to x but then again apoll poe may step in, but right now the big banks

are still hesitant. liz: yeah. that liz: closing bell, mark it, six minutes to go before we hear the closing bell ripping. the dow jones industrials down 452 points. choke point between european banks which got hammered and u.s. banks which are not doing that much better. breaking news on credit suisse, at $2.13. sources telling reuters credit suisse exposure to large u.s. banks seen as manageable. that is sort of what charlie gasparino said. of course they managed the credit suisse. this has been a slow motion disaster, not just this year but several years credit suisse has been swooning. they are monitoring potential contagion from credit suisse.

mark lopesti, eric friedman, cio of u.s. brinkmanment group. eric, how are you viewing this situation? >> liz, we view this as an opportunity to stay liquid, cash flow focused. that is our defensive posture. it is really working. we're tempted to start to nibble down here. we think there is key level of s&p, 3hundred has to -- 3800 has to hold. we're 70 points. be cautious, opportunistic, cash flow remain as big priority for us now. liz: eric is waiting for 3700. moving all over here, 3800 for the s&p. mark, you're adding to positions which ones?

>> jpmorgan. liz: down 5% today. >> down 5% today. in all conversations we had with wealth managers, watching where the money is headed they are one of the main beneficiaries of that money flow. liz: western alliance is the regional you're adding to. up 6%. you say you're watching first republic? what does it need to go down to? >> we're watching first republic. i don't have a specific price target it has to go. more mattered continued research on the bank pans out, asset liability position, longer dated treasurys, a lot part of the demise of silicon valley bank. we think a couple of higher quality bank names are starting to look very attractive. liz: eric, that denies of silicon valley bank, they had too many longer dated treasurys as mark pointed out on their balance sheet. larry fink of blackrock came out with his annual note today. in it he said the price of easy money are the dominos starting

to fall? we can put up some of his other comments as well. obviously bond market is down 15% last year but still seems to say in the old western movies, quiet, too quiet. more shoes to drop here, eric? >> yeah. we think, liz, that the issues are probably more individual names specific versus systemic. i do think to your point on bonds you're getting an opportunity to invest. it is kind of boring but six month, one year, two year paper, call it 4% yield that is a plate of cookies the market doesn't offer very often. those are things you should grab. we think extending into esoteric parts of the market. there will be a time for that. it is just not right now. looking at opportunities for things like in the equity space, utilities, infrastructure, great places to be right here, right now. mark, what else are you worried about here? what are you not concerned about? >> one of the things i'm worried about what the contagion is for

the venture capital ecosystem resulting from svb. liz: dan ives just talked. >> it really, liz, can't be understated. we were looking at at a mass extinction event. part of the reason treasury did what it did for the backstop program, i use that word very specifically. we're talking about a portfolio of companies could be the next uber, facebook, yahoo!, amazon, these were all venture stage companies at one point that created hundreds of thousands of jobs, added untold amounts to the american economy. it is essential that we make sure that ecosystem is not critically injured. it is somewhat mortally wounded at this point. liz: eric, you have a lot of clients. take all of our viewers to make your client right now. if they picked up the phone called you, what do i do, i'm nervous, watching my portfolio go all over the map what is my best advice? >> continue on what we've been discussing, liz, staying focused on cash flow, short duration.

have a plan, sounds generic, key in this environment. this is a market that is going to work over time but again the next, let's call it, five, 10%, you can be opportunistic versus overly concerned. stay liquid, stay focused on cash flow nature of portfolios, certainly things that help out in volatile times. liz: eric friedman, march low pest at this, good to have you both. on a very wild session. stocks ending in the red, let's keep that clear. [closing bell rings] we're seeing them come off the session lows. even lows two minutes ago. dow looks to close down in, around 293 points. s&p down 28, and the nasdaq looks to turn green. ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so far the bank shut down