5 things to know before the stock market opens on Thursday 9 March

  • Cryptobank Silvergate shuts down.
  • Norfolk Southern CEO faces senators.
  • WWE wants players to bet on scripted match results.

Here are the key news investors need to start their trading day:

Stocks were mixed on Wednesday as investors chewed on new jobs data and fresh comments from Federal Reserve Chairman Jerome Powell. The latest ADP jobs report showed that private sector wages grew more than expected in February. Powell, meanwhile, told House lawmakers much the same as he told senators on Tuesday, that the Fed may well have to raise interest rates faster to cool the economy. However, Powell said it is still undecided what the Fed will do at its meeting later this month. Several retail names are reporting quarterly earnings after hours on Thursday, including Gap and Ulta. Follow live market updates.

The Silvergate logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on January 29, 2023.

Jakub Porzycki | Nurphoto | Getty Images

Another major crypto player bites the dust as fallout spreads from the failure of Sam Bankman-Fried’s FTX. Silvergate Capital, a major lender in the cryptocurrency world that counted FTX as a key client, said Wednesday it would close up shop and liquidate its bank. The company said it would refund all its deposits, but it did not explain how it would resolve claims against the company. The firm’s collapse comes shortly after it delayed its annual financial report and warned it could fail. Silvergate is also facing multiple regulatory probes and an investigation by the US Department of Justice.

This drone photo shows the ongoing cleanup of parts of a Norfolk Southern freight train that derailed in East Palestine, Ohio, Thursday, Feb. 9, 2023.

Gene J. Puskar | AP

Norfolk Southern CEO Alan Shaw will testify at 10 ET before a Senate panel as he and his rail company continue to clean up an environmental, political and PR mess. Lawmakers have said they want to know more about the early February derailment of a Norfolk Southern train carrying hazardous chemicals through eastern Ohio. Shaw intends to tell lawmakers that he is “deeply sorry” for the derailment and that the company is working to “make it right,” according to prepared remarks. While Shaw and officials have said it is safe to return to East Palestine, the city hardest hit by the disaster, residents and cleanup workers have reported rashes, sore throats and other illnesses. No deaths have been reported.

As strange as it may sound – gambling on scripted matches – people bet on pro wrestling results. But that part of the gambling world hasn’t received an official blessing from the biggest dog on the wrestling block, the WWE. Until now. CNBC’s Alex Sherman reported Wednesday that Vince McMahon’s World Wrestling Entertainment has held talks with regulators in Michigan and Colorado about legalized betting on certain scripted matches. How would that work? It’s complicated, but sources say WWE claims it could be like betting on the Oscars, where the results are known to a few people before the winners are announced, but otherwise locked and punched. It’s a tough sell for both regulators and gambling companies, to be sure. Colorado’s gaming authority told CNBC late Wednesday, hours after the story broke, that it was not considering the idea.

A picture of a scene after explosions in Ukraine’s capital Kiev on March 9, 2023. Many vehicles were damaged by the explosions.

Anadolu Agency | Anadolu Agency | Getty Images

Russia resumed its wave of airborne terror against Ukraine, firing 81 missiles at cities including Kiev and Odesa in the early hours of Thursday, according to Ukrainian officials. The barrage included six hypersonic missiles, which are too fast for Ukraine to intercept, the officials said. Kyiv’s mayor said 40% of the capital’s residents were without heat as a result of the attack. Elsewhere in Ukraine, the Zaporizhzhia nuclear power plant – the largest in Europe – has gone into “blackout mode”. Follow live war updates.

– CNBC’s Hakyung Kim, MacKenzie Sigalos, Noah Sheidlower, Alex Sherman and Holly Ellyatt contributed to this report.

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