5 Things to Know Before Markets Open

News of the day for March 2, 2023


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Salesforce shares surge on better-than-expected earnings, crypto bank Silvergate delays its annual report amid concerns about its viability, and the Senate votes to reverse a Labor Department rule on ESG considerations for retirement funds. Here’s what investors need to know today.

1. Salesforce Shares Surge on Better-Than-Expected Earnings and Forecast

Salesforce (CRM) shares jumped over 15% in pre-market trading after beating analyst estimates for earnings and offering a better-than-expected forecast. The software company also plans to step up stock buybacks as it tries to ease pressure from activist investors.

2. Silvergate Shares Plunge on Viability Concerns

Shares of cryptocurrency bank Silvergate (SI) plunged more than 30% after the company said it is delaying its annual report and examining its viability following the collapse of FTX. Silvergate said it sold additional debt securities over the last two months and indicated it is being investigated by the U.S. Justice Department.

3. Senate Votes to Reverse DOL Rule on ESG

The Senate voted to reverse a Labor Department rule that allows fiduciary retirement fund managers to consider ESG factors in investment decisions. President Biden is expected to veto the measure.

4. SpaceX and NASA Launch New Crew to the ISS

SpaceX and NASA successfully launched a new crew to the International Space Station. The launch came after they scrubbed a launch earlier this week following a technical issue.

5. Tesla Shares Fall After Investor Day Event

Tesla (TSLA) shares fell over 6% in pre-market trading after yesterday's investor day event. Musk reiterated the goal of producing 20 million EVs by 2030 at the event and confirmed plans to build a new factory in Mexico, while outlining plans to cut production costs, but only hinted at coming lower-cost vehicles without sharing specifics.

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  1. CNBC. “Salesforce shares jump 16% on better-than-expected forecast.”

  2. Yahoo Finance. “Silvergate stock crashes after company delays annual report, reveals new losses.”

  3. Wall Street Journal. “Senate Votes 50-46 to Reverse ESG Rule for Retirement Funds.”

  4. Reuters. “SpaceX launches latest space station crew to orbit for NASA.”

  5. CNBC. “Tesla stock falls more than 5% after-hours as investor day falls short on specifics.”

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