Hey everybody, Rob Maverick here. Happy Friday. Today we are going to be talking a little

bit more about the broader market. A lot of interesting things going on today. We do

have a few Tesla news items including China production for February. Looking at the stock

interesting day for Tesla to be to pick its first green day for the week, up three tenths

of a percent on the day closing at $173.44. The NASDAQ down 1 and 3.4%. Obviously a lot

of this having to do with the collapse of Silicon Valley bank, which we'll talk about here

in a second. Really quick though, let's just get through some of the job data that was

reported this morning. 311,000 jobs added in February. This is down pretty significantly

from the massive number from January. It was a little bit higher than expectations, but

the unemployment rate did tick up a little bit, 3.4% in January now 3.6%. Obviously these

will have bearings on what the Fed decides to do with interest rates in about a week

and a half. Also relevant to that is the news for today of the collapse of Silicon Valley

bank. This is the second biggest bank collapse in US history, biggest sense of course 2008.

Silicon Valley bank closed today and is now being put into a receivership with the FDIC.

This is pretty massive news. Obviously we talked a little bit about this yesterday. Collapses

happened very quickly. It's obviously unfortunate. There's going to be a lot of repercussions of

this. There's going to be a lot of fallout from this that remains to be seen and how pervasive

that is. Again, also remains to be seen. But really big news here. I think the intent here,

I kind of just want to explain to people sort of the situation and sort of how Silicon Valley

bank got into this. We all have a better understanding. Obviously the fears whenever there is a bank

collapse is that this is something that is pervasive to other banks and other banks face a similar

fate. I think just understanding some of the issues helps with understanding concerns and how

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