5 Things to Know Before Markets Open

Switzerland's central bank moves to support Credit Suisse, and the ECB raises rates as planned. Here’s what investors need to know today.

1. Credit Suisse Shares Jump on Support from Switzerland's Central Bank

Credit Suisse (CS) shares jumped 20% after the bank said it would borrow as much as $54 billion from the Swiss National Bank to fend off liquidity concerns. They had plunged 24% yesterday after the Saudi National Bank said it would not offer any additional funding for Credit Suisse.

2. The ECB Raises Rates as Planned

The ECB decided to hike interest rates by 50 basis points to cool off inflation in the eurozone, despite the recent turmoil in the banking sector. 

3. The Nation's Biggest Banks Get New Deposits Following SVB's Collapse

The nation’s biggest banks are expected to gain billions of dollars in new deposits as customers fled Silicon Valley Bank for big banks. Bank of America reportedly got more than $15 billion in new deposits in just a matter of days as SVB failed. Other banks like JPMorgan Chase, Citigroup, and Wells Fargo also reportedly raked in billions in new deposits, although those figures have not been disclosed yet.

4. Adobe Shares Rise After Reporting 9% Jump in Revenue

Shares of Adobe (ADBE) are rising nearly 6% in pre-market trading after its earnings topped analyst estimates. The software company also boosted its full year outlook. For its fiscal first quarter, Adobe reported revenue of $4.66 billion, up 9% from a year ago. Adobe said that the strong results reflect demand for digital content creation tools, despite a softer economy.

5. Housing Starts Rising Faster than Projections

The Commerce Department released its report on new residential construction for February, showing housing starts rose 9.8% at a seasonally adjusted annual rate of 1.45 million units last month, more than the 1.31 million projected. Building permits, a sign of future housing activity, also increased more than anticipated to 1.52 million units.