Director of the International Monetary Fund. When asked whether the impact of the banking crisis affecting mid-sized banks on the economy may be real, he replied that "it definitely brings us closer right currently, but what's not clear for us is how many of these banking stress are leading to widespread credit crunch." While I don't believe all the stress is behind us, this process will take time. The Wall Street Bank strategists recommend 10 defensive stocks that you should own now, while also selling European bank stocks "into a material rally".
CNBC Pro: Rivian shares continue to fall. Recent lows in shares have seen it continue to slide. Rivian is just a cash-burning business or can Wall Street see substantial upside for the stock in the future? Here's what they have to say.
Midday trading saw a 4.3% drop in shares of U.S.-listed companies, bringing them back to their lowest levels. Concerns about the future of Europe's banking industry have eased slightly after Christine Lagarde, President of the European Central Bank, stated that euro zone banks are resilient and have strong capital and liquidity positions. Midday trading saw the famed meme stock gain 2.5% The U.S.-listed shares of the German lender fell 5% after rebounding from its lows. Bullard described the Fed's response to the banking crisis as "swift" and "appropriate". The presentation materials that Bullard presented with his speech didn't indicate any position on how rates should be moved forward. The market is pricing in the strong possibility that the Fed won't raise rates when it meets again in April. This week, the price of gold has risen 1.4%. -- Gina Francolla, Alex Harring