for more let me bring in andrew ross sorkin. he's a "new york times" columnist and co-anchor of "squawk box" on cnbc andrew, help us understand how did we get here in the first place? >> well, this started because at silicon valley bank they lost $2 billion and that was really the smoke that lit the fire that scared people and many of their clients, a lot of venture capitalists in silicon valley, they screamed fire in a crowded theater and everybody ran for the exits. and that's what ultimately created a run on the bank. that's what led to the failure of that bank but it also led to even bigger questions about other small and regional banks across the country and whether others would leave them too >> and that brings up the question of what should people at home be doing they obviously want to know that their money is safe. is there something folks should be doing or not doing >> well, here's the good news. you actually now need to do nothing. because of this failure and the worry that there could be contagion the u.s. government

i'm becky quick along with andrew ross sorkin joe is off today if you are just waking up, it was a week for regulators after the collapse of soofilicon vall bank the federal reserve and fdic moved to secure depositors at svb. they are guaranteeing all deposits regulators took control of signature bank it was one of the banks for cryptocurrency companies and depositors will be protected above the $250,000 limit the fdic insures the fed created a new lending facility with the authority to meet demands for withdrawals and any potential run on any banks we will have the latest with steve liesman here in studio this morning we should tell you that hsbc is buying the silicon valley bank uk it will protect the deposits of uk clients that deal went through for 1 pound. also, regional bank is getting lending from the federal government it is trading down 58%. we want more market reaction you see the equity futures at this hour showing positive signs. dow jones industrial average up 58 s&p up 19. nasdaq up 85 this comes after the rough week for the markets. last week, dow down 4.4% s&p down 4.5%.

i'm rebecca quick along with joe kernen and andrew ross sorkin. . >> thank you nice to see you. >> where were you? where were you >> undisclosed location. >> in a bunker somewhere a hole in our hearts >> yes >> inempty seat >> you remember clint eastwood >>> let's check out

here on cnbc live from the nasdaq market site in sometimes square i'm kelly evans alongside andrew ross sorkin. joe and becky are both off >> welcome to the show. >> welcome to the -- >> the early alarm how did it go? >> i thought you were talking about the banking system >> that's the other early alarm. >> how did it go i was going to ask you >> we have a couple of alarms. >> let's check on u.s. equity futures. dow under pressure by 100 points after that and the s&p closed off session lows you remember the dow down 720 points nasdaq finished higher here we have the set up this morning. here is the look across the treasury volatility ha been 2-year treasury at 4.007 rebound above the 4% level still below 5% from last week. the 10-year treasury below 3.5%. just going green on the session. bitcoin. if you told people a week ago what would take place with liquidity and banking runs, i would think bitcoin would be in the red. it is in the green up 23% this week 24,000 and change. >>> let's talk about describe. it is raising new funding amid the craziness. the payment processor ranking eighth on th

andrew ross sorkin is out today. let's look at u.s. equity futures. things are mixed. ye

i'm becky quick with andrew ross sorkin joe is off today i want to look at the u.s.tures a lot of things happening this morning. you see the dow futures are off by 150 points. this comes after the down day of almost 550 points yesterday. you are now looking at the dow down for three days in a row week to date, down 3.4%. the s&p is indicated off by 13 points after dropping 74 points yesterday. it is down

andrew ross sorkin and becky quick, and joe is off today.failure of the silicon valley bank. you are looking at the dow, s&p and nasdaq all up, and s&p 500 up about 14 points folks listening to us on sirius. the ten-year treasury, sitting at 3.58. if you buy crude by the barrel, here it is you are looking at bitcoin back up after we were down under 20,000 just a couple days ago. >> this is not a reflection of the big gains, the big gains in the last 32,000 or so and this is all related to signature bank, and depositors being secured. the irony is rich. >>> we have breaking news from ho honeywell. the chief operating officer will be succeeding the executive officer. in that role, he will be focusing on supporting customer relationships and business development and shaeupping the portfolio. and kapur is somebody with decades of experience with honeywell and has been responsible for a lot of different areas in the company, and looks like a strong move to shore upmanagement and maybe a reflection of what a lot of companies saw in the pandemic, y

"squawk box" begins right now. >>> good morning and welcome to "squawk box" live along with andrew ross sorkin gains we saw yesterday, up another 267 points strong for most of the morning the s&p indicated up about 34. becky, andrew, i looked, just get a quick look at where the s&p was again. because we have talked about a lot of stuff over these past few months if it goes up 30 points, it will be at 39.80 again. and then i was thinking, if you went away, if you went on a sabbatical and came back and left when treasuries on the ten-year were like 3.6 and get back, oh, nothing's going on and even the two-year, that's about where we were, two to three months ago >> it's up pretty significantly. >> it was. but it was almost, it was 4.6 or 4.7. and i just checked first republic again and it's hanging in there, but it's not setting the world on fire >> in fact, let's get to the latest on first republic bank. that stock is up sharply after a decline of 47% yesterday sources told david faber that jpmorgan is advising the bank on strategic alternatives that could include a capital raise or a sale othe

i'm becky quick along with joe kernen and andrew ross sorkin. >> i'm back. >> we had other people in the chair. >> i heard about that. >> guests. >> my chair? >> there are people that sit here on that show late in the afternoon that i'm not so happy about. >> really? >> yeah. >> why cooties? >> yeah. >> suddenly you are worried about germs? >>> a look at u.s. equities at this hour. things are just slightly in the red. dow futures down 5 points. s&p futures down 10. nasdaq down close to 70. stocks were mixed yesterday. the dow slightly lower and nasdaq and s&p slightly higher we didn't hear anything shocking yesterday from jay powell. he said rates could get higher and faster down 1.8% for s&p. the nasdaq is down 1%. check out treasury yields. you will see it looks like the 10-year treasury is 3.98%. the 2-year treasury is at 5.03%. >>> new overnight, mitch mcconnell was hospitalized after tripping at the hotel in washington, d.c. which happened during a private dinner. no details available about his condition. the senator fell in 2019 on a patio at his home in louisville requiring su

i'm andrew ross sorkin along with joe kernen. becky is off today welcome back you missed nothing >> the s&p is at 3960. down 1% from -- we know why the 10-year treasury was stubborn now. what will the fed do finally. you had to shake them. look, you guys, your actions have consequences. >> goodness. we have a lot going on in the next three hours. >> they will still go 25. >> we will talk about this >> let's talk about it now. >> we have the -- >> the futures are not doing anything up 26 points the 2-year treasury. have you seen a move like this in your entire life? >> hold on you want to get into it at 6:01. >> fine. i'm not tired like you cranky >> i have been working hello? >> doing a heck of a job >> thanks. >> heck of a job, browny you blame the fed for what happened at svb? >> no. i said actions have consequences i blame maybe the fed going back further. if you have no reason not to invest in all kinds of whacky stuff, then when you are at zero for so long, things like this happen you have a bank that funds non-profitable cr

andrew ross sorkin will join us to discuss what the administration is doing to reassure americans thatg streets on fire in france because somebody's trying to save their economy, save their retirement system and raise the retirement age to 64 it's kind of like thatcher in the '80s in britain. is this a fight he wins or france loses when you look at the retirement system. it is the most generous in all of europe. right now they just don't economically have the means to continue funding it for years to come these are the streets of paris macron, the won the presidentia race last year obviously he didn't get the majority in parliament that he needed to push those pieces of legislation through. and so he's using another route to do it i think in the end he wins also from france, nearly four years of the iconic notre dame cathedral is devastated by fire, there is progress this morning in its restoration great news >>> also, we'll show you why march madness brackets around the country are already busted as after two major first round upsets with us for the hour, the host of "way too early. h

i'm becky quick along with joe kernen and andrew ross sorkin. >> i'm back. >> we had other people inchair? >> there are people that sit here on that show late in the afternoon that i'm not so happy about. >> really? >> yeah. >> why cooties? >> yeah. >> suddenly you are worried about germs? >>> a look at u.s. equities at this hour. things are just slightly in the red. dow futures down 5 points. s&p futures down 10. nasdaq down close to 70. stocks were mixed yesterday. the dow slightly lower

i'm becky quick with joe kernen and andrew ross sorkin here we are, guys. it's tuesday

i'm andrew ross sorkin along with joe kernen.ck you missed nothing >> the s&p is at 3960. down

here on cnbc live from the nasdaq market site in sometimes square i'm kelly evans alongside andrew ross sorkinth off >> welcome to the show. >> welcome to the -- >> the early alarm how did it

andrew ross sorkin and a few others describe get this way if svb was a small regional bank that had nothave ties to allowed political connected ventral cap capitalist and the tech community, it might've bee allowed to die. its customers, individuals and small businesses would suffered. instead, because it's silicon valley, it commanded attention. again, the experts brush all of it off. this was an extraordinary situation. it was an emergency. they always scream emergency, don't they? your constitutional rights trampled upon. from the pandemic to your cream to a course the famous bailouts and tarp programs in 2008. the government looked the other way when all the bogus financia instruments approach the housin bubble to burst causing a massive pain for american families. as usual, the banks like j.p. morgan and goldman sachs, they got their big checks from the government. every time the elites run the same playbook and when it's all over, they have more money and power and the rest of america i worse off. everyone needs to understand that self-inflicted emergencies like this will destroy

i'm becky quick along with joe kernen and andrew ross sorkin. everyone is watching this morning. off 61 that is off the lows of the session. we have been down by 350 points early this morning s&p futures right now down 4.5 the nasdaq indicated up right now by over 3 points this has been bouncing all over the place when the futures opened last night where it opened in possible tough territory. you have seen -- opened in

i'm becky quick with andrew ross sorkin joe is off today i want to look at the u.s. equity futures a lot of things happening this morning. you see the dow futures are off by 150 points. this comes after the down day of almost 550 points yesterday. you are now looking at the dow down for three days in a row week to date, down 3.4%. the s&p is indicated off by 13 points after dropping 74 points yesterday. it is down 3.15% for the week to date as you see here nasdaq composite is off by some numbers this morning as well you will see it is down week to date yesterday's session, the dow down 544 the nasdaq was the biggest loser down 2%. for the week, each average is down 3%. you have treasury yields taking a look at the 10-year which is sitting at 3.866%. the 2-year treasury at 4.885%. andrew mentioned we have the jobs report coming up. that is what we are all waiting to see in the meantime, you should check out the move in crypto it has been plunging in the last 24 hours after the crypto lender silvergate announced it would wind down operations and liqu liquidate. these a

i'm melissa lee along with andrew ross sorkin joe and becky are off today.n. >> we do. >> after yesterday's big market gain, we've got the nasdaq indicated speed down s&p looking to give up 31 at the

live from the nasdaq market sight in times square i'm becky quick along with joe kernen and andrew ross sorkinfutures are shaping up at this hour. the nasdaq up by 67. but this comes after a down day yesterday and a down month for february for stocks. in fact, stocks have been down

i'm becky quick along with andrew ross sorkin joe is off today let's look at the markets.w futures are indicated up 87 points. s&p up 10. the nasdaq up 26 yesterday was a down day for the dow and s&p. the losses were muted. down 50 for the dow and less than 10 points

i'm becky quick along with andrew ross sorkin and joe kernen.s anybody's guess at this point whether they'll raise rates by a quarter basis points. the dow indicated off by 23 points. dd@r(t&háhp &hc% the nasdaq down by 26. that comes after stocks rose in yesterday's session. when the dow rose, that's a gain of about 1%. s&p was up by 1.3%. the nasdaq was up by 1.6%. this's two days in a row. yesterday there was a rebound in regional banks that helped lift the stocks. first republic shares up. we'll have that story in a moment. take a look across the board. jpmorgan was up by 3%. bank of america, 4%, wells fargo, up 3.5%. we're watching treasury yields very closely as we await the fed's decision. the 10-year at 3.58. the 2-year at 4.13. take a look at bitcoin above that. 21,874. >>> meantime, it's fed day. 2:00 p.m., mark the calendar, set your alarm, do whatever you need to do. the economists are expecting a quarter point rate hike. of course, you can watch cnbc throughout the afternoon for a full coverage of the fed announcement and news confe

and a few well, andrew ross sorkin and a few others described it this way in the new york timesf deal book today. if svbsvb was just a small regional bank that did not have ties to loud, politicallyconnec ventral cap capitalist and the connected venture capitalists and the tech community, it might have been allowed to dietu and its customers, individuals and small businesses would have and essuffered instead. s because it's silicon valley, it. commanded attention. but again, the exper agai brush, allas an of this off, this was an extraordinary situation. it was an emergency.s sc they always scream emergency, though, don't they ? when you're about to get your pocket picked and your constitutional rights trampled upon from the pandemicn. and kraine to , of course, the famous bailouts and tarp pr. programs. looked the other in 2008, the government looked the other way when all all the bogus financial instruments pushed the housing bubble tobu burst, causingbble massive painr american families. but as usual, the banks like jp morgan and goldman sachs,t they got their big checks frome the

i'm melissa lee along with andrew ross sorkin joe and becky are off today.e have a lot going on. >> we do. >> after yesterday's big market gain, we've got the nasdaq indicated speed down s&p looking to give up 31 at the open and the dow off by 2750 they kochblt on treasury yields. we've got the 10-year at 3.6% and the 2-year note at a quarter percent. take a look at bitcoin it's giving up a tiny bit of massive gains it saw yesterday it's down by 0.2%, so basically flat but, of course, we saw a flight of bitcoin over the past couple of days. some people are saying it's because people wanted to get off a centralized system the whole decentralized notion won yet again. 24,690 is today's level. >> what do you think of this >> of bitcoin or what we've gone through? >> the great irony of what we're watching both with bitcoin, some of the stablecoins even over the weekend is that they were, in part, saved by the quote, unquote system that they were meant to disrupt and now all of a sudden, there's been a turn. now that they've been saved if you will, it's like, oka

live from the nasdaq market sight in times square i'm becky quick along with joe kernen and andrew ross sorkinlet's take a look at how the equity futures are shaping up at this hour. the nasdaq up by 67. but this comes after a down day yesterday and a down month for february for stocks. in fact, stocks have been down two out of the last three months, and the dow gave back all of its gains from february it's now down year to date it was down 4% in the month of february if you look at it again, 4.2% for the month of february. the s&p 500was down by 12.6%, the dow down 1.6%. s&p is still up by 3.4% and the nasdaq is still up by nearly 9%, 9.5% if you've been watching treasury yeels you know the picture has been higher yields and the 10-year is sitting back at 3.93%. it's probably worth taking a look at energy prices because they had their worst month since september. you're looking at wti, which has been down now eight out of the last nine months it's down another 1.1% today, 76.18. >> the nasdaq is up but down from the highs. >> that was a couple of days ago that it was down 20% bear market stil

i'm becky quick along with joe kernen and andrew ross sorkin. everyone is watching this morning. trying to see what the u.s. equities are going to be reacting to all this you see the dow futures are off 61 that is off the lows of the session. we have been down by 350 points early this morning s&p futures right now down 4.5 the nasdaq indicated up right now by over 3 points this has been bouncing all over the place when the futures opened last night where it opened in possible tough territory. you have seen -- opened in positive territory you have seen swings >>> at the moment, look at what is happening with treasury yields you see the dow futures there. the treasuries, if you are looking at the 10-year treasury, 3.354% the 2-year treasury is really the place to be paying attention. 3.755% i have to say if you were looking at this number last week, first of all, on friday, the 2-year treasury at 3.846%. a week earlier, the friday before, the 2-year treasury closed at 4.588% a drop of more than 75 basis points from a week ago friday. if you are looking at what happened in asia over

i'm becky quick along with andrew ross sorkin we are awaiting remarks closer to 9 a.m.l bring you those remarks when they happen but first, u.s. equity shows the dow off, the s&p up by 4 and nasdaq by 93 and treasury yields continue to come under pressure after lots of pressure last week. the treasury down to 2.05% and that is a very rapid move. the ten-year is 3.258% that flight to quality still on. >> we've had this extended edition of "squawk box." two banks closed, another reca recapita recapitalized. >> andrew, we have replaced short-term uncertainty, especially the possibility of a banking crisis today with the medium and long-term uncertainty about the banking system, the fed and the economy with the question of how much the time we bought will solve these problems so take a look this is what david rosenberg says is it just glue? take a look at what happened svb signatures have been resolved a new fed fund has been established to finance banks duration risk reckoning has been removed but not necessarily resolved over any period of time they're left with a series

central banks announce new action >> that is a lot let's bring in coanchor of "squawk box" andrew ross sorkinknow how happy they were about that is this the end of our problems? does this guarantee bank stability in our time? >> i don't think we're there yesterday. this was, of course, an arranged marriage between two of the biggest swiss banks. they think of banks as national champions, if you will now there will be one national champion in a combined ubs/credit suisse. they'll have to lay off potentially tens of thousands of people around the world to pull this off i think for ubs it will turn out to be a good deal, if you will it does not really end our problems here in the united states as that study really reveals, our banks don't have enough cash on hand. too many of them, like silicon valley bank, have effectively bought long duration bonds at effectively lower interest rates than where they are today. therefore, they look like they're sitting there with a loss there's something like a billion dollars in unrealized losses embedded in our banking system today. the big question at this p

i'm rebecca quick along with joe kernen and andrew ross sorkin. andrew, welcome back. >> thank you nice to see you. >> where were you? where were you >> undisclosed location. >> in a bunker somewhere a hole in our hearts >> yes >> inempty seat >> you remember clint eastwood >>> let's check out the u.s. equity futures yesterday was a big day for the markets. the dow with the best number since february 13th. a few weeks. the dow indicated up 45 points nasdaq up 30 s&p up 9 points. treasury yields continue to be around the same levels the 10-year treasury at 4% 2-year treasury at $4.8. >>> let's talk about the biden administration adding 28 more chinese companies on the blacklist for sharing nuclear and missile programs an th on the list is bgi among others >>> and the china's people congress will have the annual gdp target expected to rubber stamp xi jinping's third term as president. and they will review a reform plan they did not provide many details, but it would include changes to finance and tech and increase the party presence in non-state owne

andrew ross sorkin is out today. let's look at u.s. equity futures. things are mixed. yesterday was a mixed day for the market with the dow and s&p up .50%. nasdaq was off .50%. treasury yields at this point. the 10-year treasury right now is yielding 3.5%. 2-year treasury is up above 4%. >> above 4. >>> shares of lyft are higher. logan green and john zimmer stepping back from the day-to-day roles as ceo and president. amazon executive david risher will take over. phil will join us with more on that move in a few minutes. >>> ceo transition at oxford health. it launched in 2012 to challenge the traditional insurance model in the united states. the co- founder and current ceo is going to be transitioning to the president of technology. he will be leading product and engineering. he will report to the incoming ceo who has served as strategic adviser for the last 18 months. recently he was the co-ceo of bridgewater. we know him from the times he has been on the show. in addition to that, oxford is reaffirming the 2023 guidance. the market cap has fallen below $1 billion a

let's bring in andrew ross k sorkin >> i think he was trying to reassure americans to keep their money the weekend was the big banks were getting phone calls saying can i open an account immediately. this effort is aimed at that we've effectively guaranteed deposits across the country, you could say de facto nationalized the banks. that has lots of ramifications while the good news is that hopefully this stems the tide, there's a real question of what the economic cost tof this is going to be more broadly the stock market this morning looks like it's going to open down why? because small banks are now important and they're going to be regulated and have higher capital costs. that means loans to consumers and businesses are going to go up that's going to cost the economy. this is not over yet there's a big debate as to what it means for the banking system and also who was the beneficiary. these are not bailouts like 2008, but the venture capital community in california were bailed out big time this weekend. >> you, of course, wrote the book on this "too big to fail," a classic book on w

u■ let's bring in andrew ross sorkin. what is the consensus? >> the consensus is a quarter point.aÑi raisee1 rates ie sáqq(endent, that might calmfá folks. but there'sçó a balancing act he'll try to do. he does not go 25 basisxd points, there axd behavioralxd science to all this, if he says i'm not doing anything, does thatt( make the public more encouragedxd or mor panicked? do they say if he's not doing anything, maybe it's worse than we thought. these are the things that i think he and the fed are trying to weigh and we will probably be hearingÑie1 -- we know we'll be hearing from them atw3 2:00, bu xd that that will make the difference. >> i know you heard on çóçóq "squawkbox" and we'reñbÑearing again this morningq that we hav a mini banking crisis here because of the fed, the fed continuingxd to raise rates. what's the link between those twofá things? >>lp what's happened here isg let me go back.t( a lot of banks over the past several years have taken or bought long-maturity bonds at these very low interest rates. interest rates keep goi,g up and up and fáqup. that mey have l

let's bring in andrew ross sorkin. another day yesterday of testimony from chairman powell. around. what do the markets think? >> it's a little bit of cleanup work, because what he said on tuesday reflected this idea that maybe things were going to be worse, oddly the economy was going to be growing faster and he was going to try to put the brakes on it. yesterday it seemed like he was trying to clean up some of that language. the market came back in response to it a bit. i think next week there's still an expectation economists thinking there was a 68% chance we will get a 50 basis point raise next week. the real question is what happens after that at this point? >> we have a big jobs number to fold into this tomorrow, the last month's jobs number, which some analysts worry might be too good, which could lead to another hike in interest rates. >> this is the thing we keep talking about. bad news is good news, good news is bad news. it is possible we could get a very good jobs report. you say that sounds great except for the idea whether that's going to create more wage infl

that's going to prevent a run and they deserve credit for that >> let's bring in andrew ross sorkin,ious what congressman ro khanna's got to say about this, because so many of the constituents of his who were venture capitalists who had their money on the line, i want to know what he thinks about the personal responsibility issue in all of this. we're talking about the sort of libertarian vocal strain, but this is a group of people who have been arguing for years with you, i think, about things like carried interest and special tax treatment for themselves, all on the basis that they're doing something that's privileged and special and different. and yet here we are rescuing them once again. >> here's what i would say the people with the biggest money, they weren't at risk. they're in sweep accounts. they're in money mutual market accounts >> oh, you know what, though, i'm going to take issue with that and disagree. they might have been in sweep accounts their actual funds but the truth is their investments, all of their portfolio companies, the investments they were making, which in