u.s. bank corp, up 9% right now. that is the biggest move we've seen in u.s. ide since april of 2020. almost a three-year record here for them here. i want to just show you something unusual. you see this volume, 15 million shares. that's an awful lot. it normally trades 13 million. it's only 11:30 in the afternoon. to give you an idea of how casey things were, on monday, we traded 206 million shares -- i'm sorry, on friday, towards the close, huge amount, 206 million. imagine this, we're talking about 15 times the normal volume that u.s. bank corp would see. overall, a lot more stability in financials, a lot more stability elsewhere in things like energy stocks, which are another big loser last week. just a little bit more normal in terms of the distribution of the bigger losers today. >> thank you very much for the check there. let's stay with the regional bank theme and take a look at shares of new york community banks. davidson upgrading that stock from hold to buy. the firm liking what they see after the fdic announced an agreement to sell signature bank a

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u.s. bank corps pnc are working on a rescue along with jpmorgan. that's according to the journal. how quickly things are moving. banking stability clearly "in focus" at the e.c.b.'s news conference. president lagarde was asked about the collapse of silicon valley bank. how it compares to european banks. >> in europe we have strong supervision. we have strong capital. and we have solid liquidity positions. as the vice president said, exposures are not concentrated based on the work conducted by the s.s.m., we don't have similar occurrence as the one that occurred in california, for instance. alix: we are joined now by miles o'grady. is that how you look at it? credit suisse different from s.v.b. and first republic. from where you sit how different is that? miles: first of all. great to be here in new york. particularly at this time of year. it st. patrick's day. spend a lot of time with investors and customers in recent days. i listened to you earlier. you talked about confidence. to my mind this is about -- this is an issue of confidence. we should be, therefore, take comfort in pa

u.s. bank corps normally does 13,000 shares a day at the new york city.n shares traded hands. 15, 16 times normal volume. this has come down again now, now it is only two or three times normal volume. you get the idea. we've never seen this volume here at the new york stock exchange on these numbers. i'll show you what a reversal this has been. we were at $38.50 five or six trading days ago. we're about to crack 4,000 here. in fact, we were just standing at the door of 4,000 just earlier in the day, off the highs. it'll depend on the federal reserve tomorrow. >> 39.86 for now. thank you. >>> oil is jumping today. energy stocks with big gains, as well. pippa stevens what's going on here? >> marching back to the $70 level. currently at $69.50. energy stocks up more than 3% in the top s&p group today. i want to take a look at this data from bank of america, which actually shows that last week, we saw the biggest inflows into the energy sector going back to 2008. >> wow. >> on the face of this, this seems like a very bullish indicator. we do have to look a li

u.s. bank corp down 4, region down 4, huntington bank shares -- >> they're up year to date the xlf names, the ones that really matter, are not that bad. so if this was really about fears of a systemic banking issue, you would not see jpmorgan at 132. it would be 102. >> sure. but the losses that i just mentioned of the 3% and 4% variety are tripled over the last month it's more than a one-day effect. jimmy, please. >> just a couple of things here. one of the reasons i like the big money banks instead of the regionals is you don't have all of this on really the microcosm of net interest margin, notwithstanding the specific issues at silvergate most are tied to net interest margin there's more diversity as josh is pointing out, these things are hanging in there and the xlf is flat on the year. so they are not screaming recession. i think josh has it dead right but the one thing i will add, all investors have been conditioned the day before potentially market moving, economic indicators like tomorrow, you've been rewarded for taking risk off the day before you just generally have. the odds h

u.s. bank corps and the first republics and crept suisse we'll even throw in there because there's issuesdit suisse trading at its lowest in history. you know the vix, volatility fear, has spiked to the highest since october. and we also have morgan stanley saying that you should sell my any post-s, vb stock spin-offs because they're calling for a 25% drop by the first half of this year on the s&p 500. so they're getting back on their bearish bandwagon there. but do you think that the backstop by the fed, treasury, fdic, that coordinated action, do you think that also sends a message to everybody that all deposits are now guaranteed? stuart: that's an interesting question, very interesting question, because if there's a real run on some of these local banks -- susan: regional. stuart: if there is, then maybe they've got to step in with more money and maybe raise the amount of coverage that you've got on your own deposit just to reassure confidence in the system. the president says the management of these banks, svb and the signature bank, they're going to be fired. susan: yep. as they sho

u.s. bank corps as well. >> i haven't heard anything about it there's always a search, mike, for white knighton last week or warren buffett. you know, and he was there during the financial crisis. >> oh, sure. >> buying shares too >> he was. also attracting incredibly great terms for berkshire that you were unavailable to anybody else because it's warren buffett and he brings the patina that says, everything's going to be okay. whether it was ge or goldman or bank of america through the years, mike, he has always gotten those convertible deals that were unavailable to anyone else >> look, his phone only rings. i'm not sure it goes out, you know if you're that person, and you've built that up over the years, you have this financially impenetrable balance sheet and all the rest of it, then if you need to call him, it's because you're willing to, you know, tilt things in his favor >> we should come back to ubs, stock of which is now up very nicely after, of course, that forced purchase, so to speak the swiss government stepping in, saying, you're buying credit suisse this is what you're going to

u.s. bank ban corp. >> the proposals from the white house, needing to have more liquidity on hand, more frequent stress tests, living wills, et cetera, et cetera, what's the most onerous, do you think, of all of these proposals and by the way, they're just proposals as we see them now >> look, more capital has been the near-term issue on the minds of investors so many investors tell me we're going to see a capital raise the most important few words i saw in the white house press release, they were in bold they said these banks, the next kind of dozen or so after the ten largest may need more capital, but, quote, after a considerable transition period, after a considerable transition period, in other words they're not forcing the banks to raise capital today or next week or probably next month. that's the most important point out of that white house report they are cognizant in not disrupting the markets near-term, not creating extra regulatory risk on top of everything else, even while they try to have better oversight over the next several years. >> you say goliath is winning, okay you were her

u.s. bank shares, usb is getting help from an upgrade at baird to outperform on better risk reward at current prices calling it a high quality franchise on sale. those shares for u.s. bank corphares of volume in the wake of its broker takeover of embattled competitor credit suisse, analysts over at kbw have downgraded it to an underperform citing amongst other things unknowns around capital requirements and litigation risks analysts at bank of america upgrade the stock to a buy saying the logic of the acquisition is powerful and cost synergies could be substantial check out shares of meta platforms. the social media jigiant gettin help by analysts at edward jones saying it's making meaningful and notable reductions in expenses and addresses concerns about heavier spending on metaverse. pe pe pep pepsi co. shares up fractionally a market perform over at bernstein, a bit of a mea culpa by analysts who say they were wrong and that the momentum for growth in key brands and beveragb beverages could continue keep it right here, "squawk box" comes back after this quick break. thing. it really is something. as an expedia member, you can save up to 30% when you add a hotel to your fl

for a strong bank and i'm privileged we can move at this pace this is a decisive and strategic plan this is a wonderful opportunity both for us and svb uk team. >> the u.s. federal deposit corp made friday the deadline for acquiring svb and signature bank they will work to facilitate the new auction. regulators tried to sell svb and signature last week before taking over the banks. very interesting i have to say the speed with which the uk regulators got hold of svb uk and found a buyer for it, hsbc over the weekend, compared with the longevity process in the states, for once, it is uk moving swiftly and affirmatively and having a good result >> keep in mind the size of the uk bank may be smaller and we heard due diligence of five hours. you can imagine that structure >> larry finke is warning more shutdowns in the wake of the silicon valley bank collapse the crisis is the result of decades of losing money and other american lenders with a strong reliance on leverage are at risk. finke said this is similar to the crisis in the 1980s which saw over 1,000 banks fail. >>> goldman sachs is cutting back growth forecast for the year it is under pressure as regional banks look to s

western alliance bank corp down 47%. driving the u.s. market overall, extreme fear. according to cnn business fear and groeed index. clare sebastian is joining us now. explain why u.s. futures are up again. >> yes, and there has been five straight down sessions, basically a week of losses leading up to today. so could be that there is some sort of profit taking happening. if you look at the individual stocks, there is recovery in the banks even in the very hard hit regional banks. not enough to reverse the losses of monday, but a bit of a recovery there. perhaps it seems that the initial fire has been put out by the quick action by the federal government and the biden administration, treasury officials also telling us that the scale of the outflows of deposits from those regional banks has slowed. so gives the sense that the initial crisis has abated. we have cpi data this morning, that could change things. things could change by the hour with these futures if cpi comes in very hot. and then the currently reduced likelihood of a higher rate rise next week by the fed

bank corp. makes a deal for signature bank. it will take on deposits from signature. u.s.tigators were looking at the work with crypto clients before regulators swooped in this month to seize the lender. that is your first word news. yvonne: i want to recap what we just learned. credit suisse will be going ahead with their asia investment conference in hong kong set to begin tomorrow. we know that the ceo as well as the chairman will not be taking part in discussions. they were supposed to be scheduled to speak and they will not be flung into the hong kong for this event. the conference is still open when it comes to clients, but media sessions have been canceled so we will not be having media coverage of this event anymore. coming up, analysis when it comes to the wipeout of those risky credit suisse bonds and investors in asia. are talking more about the coco bond market coming up. this is bloomberg. ♪ david: welcome back to the show as we were talking about earlier, some breaking news, this record drop in some of these tier one at1 bonds in the asia-pacific is a second-

bank shares concern the hold on, yeah, uh-huh. and we've got u.s. bancorp also done along with key corp.. the federal reserve chair, jay powell, just said the fomc is, yes, investigating the collapse of silicon valley bank which triggered the belly up of signature bank as well. but whatever the fed is doing, will it be enough to stanch contagion? let's bring in charlie gasparino. and you heard jay powell say that silicon valley bank was a, quote, outwith the liar. that was a pretty gutsy statement considering we haven't found out exactly how big the cracks are in the system. >> i mean, they're all outliers when you're the fed. [laughter] let's be clear, when you don't want to cause contagion, is first remix an outlier? i should point out you had had that spirited discussion on the fed rate hikes, a couple ceos including one you know very well that has been on our air. i'm not going to say his name because we were speaking on background, end recent little old until me he believes this is going to be at least two more of these, maybe three. food is still way too high, as kenny said. so just

u.s. gold corp. stuart: it is a rally, dow is up 450, nasdaq up 250, and it looks like the crisis is winding down. the regional bankskilmeade with me. florida governor desantis said helping ukraine is not in america's interest. that opened the split in the republican party. what say you? >> i sought tucker ask for all candidates to put in paper how they sigh ukraine. they got back to him. all but mike pence talked about this not being a necessary conflict. for me, really disappointed. he was indicating donald trump was easy on russia. to me it's clear that if you choose to look the other way they won't have a choice when they take georgia and the baltics and in 10 years say let's make it a nato nation. we found all the problems we are having with our army, china backing us up and challenging nato. it is such a clear investment but for ron desantis, he doesn't think it's to his advantage to say that different from trump. stuart: wouldn't make a difference if president biden said this is our objective, this is what we want, clear objective for the help we are giving? would that help? >> biden are not confident about p

corp. and some smaller regional lenders are rallying up today. no indications of a bank run so far, both first republic, western alliance reporting its business as usual no panic and u.svernment stepping in to guarantee all the deposits at svb now has a lot 06 people thinking on -- of people thinking on wall street there's an implied backstop on all bank deposits. it's a moral has ashed on monday morning -- hazard on monday morning quarterbacking here and they've implied rescue and that's one of the criticisms from one of the richest in america, ken griffin said the u.s. is supposed to be a capitalist economy and it's breaking down before our eyes. he said losses to depositors would is been immaterial and driven home and it would have been essential and the economy is strong because of any collapse and it helps that sentment by the way echo another rich billionaire carl icahn, listen here. >> if you screw up, the government will save you and get rampant inflation and the economy will go to hell. susan: breaking news in the past hour and scc joining the fed in opening investigations into the silicon valley bank collapse, a shareholder lawsuit has been filed against the

u.s. the fallout from the collapse of silicon valley bank and signature bank have spooked investors. today first republic's shares have plummeted more than 20% is got a credit downgrade. pac west bank corp. down about the same and even the biggest banks, jpmorganchase, goldman sachs, citigroup, wells fargo, morgan stanley are all down between 4% and 6% today i asked the ceo of the mortgage bankers association for his perspective on the threats that his member banks face and he told me this blame game is just nuts he says the blame in all of this falls squarely on the management of silicon valley bank and the regulators who should have seen the mismatch of assets and liabilities. in his view he says mid-size and regional banks generally are getting painted unfairly with the very same brush and forced to try and calm their depositors' fears at this point. the other economic news i'm focused on that on any other day would dominate business headlines, the producer price index, or wholesale prices they fell unexpectedly in february a tenth of a percent decline when what was expected was an increase of .3 of a percent. still this is 4.6% higher than it was last year again, this is another ind

corp. up 6.33%, it even snagged a buy rating from citi today even as minneapolis fed president neel kashkari is now warning9 that the recent bank turmoil could bring the u.s. closer to recession. treasury yields are rising once again. take a look at the 2-year, rebounding from a 6-month low over the weekend. up now about 23 basis points to 4% even, and the 10-year is up 4.7 basis points -- 4.7, to 3.52%. so is this it? is that it? fifteen days after two bank collapses and warnings that a couple of regional banks have the same balance sheet problems that silicon valley bank had, that a bunch of them could actually be insolvent, is the sun now shining and money flowing again, or will ripples urn into a tsunami-style credit crunch? let's get to the floor show. investment. s co-cio dana dorr ya and kenny polcari. kenny, are investors in the clear, and are we back to fretting about, i don't know, core pce inflation data and quarterly gdpsome. >> well, listen, we are going to be fighting about the inflation data, i think, for a while to come. but i do think today is much better for the banks although i'm not sure we're completely out of it yet. i suspect there'