Closing Bell: Stocks Drop on Bank Contagion Fears, SNB Says It Will Provide Credit Suisse with Liquidity If Necessary, Professor Siegel’s Recession Call 3/15/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 15 March 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Scott Wapner delivers the breaking news of the hour as the Swiss Financial Market Supervisory Authority and the Swiss National Bank says that Credit Suisse quote, “meets the capital and liquidity requirements imposed on systemically important banks” and that the central bank will step in if the situation changes. Shares of Credit Suisse fell more than 20% it had previously delayed its annual report and said it found quote “material weakness” in its financial reporting in prior years. Plus, Wharton School Professor, Jeremy Siegel, weighing in on market moves and the big question of what the fed will do next. Professor Siegel also giving his predictions for if a recession is on the horizon. As financials continue to plunge, Crossmark’s Victoria Fernandez on why she’s adding to her position in one major bank.

Transcript

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0:00.0	All right, guys, thank you very much.
0:02.8	Welcome to Closing Bell.
0:03.7	I'm Scott Wotner, live, post-9, New York Stock Exchange.
0:06.2	This make or break hour begins with a major sell-off today in stocks.
0:10.0	The banks, the pressure point again on both sides of the Atlantic today all of it
0:14.6	only adding to fears about what it means for the economy the markets and most
0:18.3	especially your money here's your scorecard sixty minutes to go now in regulation, the Dow plunging, coming back a little bit now, but nonetheless, it's been a big slide today.
0:28.0	S&P going negative on the year. The real pain point today, though, that index is full of regional banks which may be small in size
0:38.0	Outsized though in the concerns they have brought to this market.
0:42.6	And that brings us to our talk of the tape.
0:44.5	What is the Fed watching now?
0:46.4	And what are they thinking about now
0:48.8	as they decide whether to raise interest rates
0:51.0	again one week from today.
0:53.7	Is the S. V. earthquake in the aftershocks enough for it to pause?
0:57.1	What would it mean for stocks if it does or if it doesn't?
1:00.8	We're going to ask famed finance professor Jeremy Segal of the Wharton School that very question in just a moment.
1:05.8	First though we do have our own Mike Santoli here on these new developments that have moved the market off of the lows of the session out of Switzerland.
1:15.1	So the report is that Switzerland holding talks on the options to stabilize
1:19.4	Credit Suisse. Those include a statement of support or a backstop could include a Swiss spin-off or a UBS tie-up.
1:26.7	We've watched the CDS. The spreads explode on the concerns all around this story.
1:31.6	The stock move in Credit Suisse speaks for itself today.
	...

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