5 Things to Know Before Markets Open

News of the day for March 23, 2023

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TikTok's CEO faces a congressional panel on data security concerns and Coinbase says the SEC could be bringing charges. Here’s what investors need to know today.

1. TikTok Set to Testify Before Congress

TikTok’s CEO will go before Congress this morning to address concerns about data security. U.S. lawmakers have voiced concerns that the social media app’s parent company, ByteDance, is based in China and could be compelled to comply with the Chinese government’s data surveillance practices. Critics say the app is a potential risk to national security and data privacy.

2. Coinbase Says SEC Weighing Securities Laws Violations Against Exchange

Coinbase Global said it has received notice from the SEC that the agency has made a "preliminary determination" to recommend federal securities laws violations against the largest U.S. cryptocurrency exchange. The company said the exchange’s operations would continue as usual until the resolution of any legal processes.

3. Indeed Layoffs Foreshadow Fewer Job Listings

Job search website Indeed will lay off 15% of its workforce, about 2,200 employees, as the company says it is preparing for a cooler job market. The company said it expects job listings to decline in 2023 and 2024, marking a turnaround from its recent post-pandemic boom.

4. Ford Sees $3 billion Loss on EVs

Ford Motor forecasts it will lose about $3 billion on its electric vehicle business this year. The data comes as Ford announced it was changing how it reports finances, separating its data for sales of electric vehicles, traditional gasoline-fueled cars and commercial vehicles.

5. Swiss National Bank Raises Rates Despite Banking Concerns

The Swiss National Bank increased its benchmark interest rate by 50 basis points, moving it to 1.5%. The fourth consecutive hike from the central bank was in line with analyst forecasts and comes after UBS took control over Credit Suisse. 

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  1. CNN. “TikTok CEO testifies before Congress for the first time.”

  2. CNBC. “Coinbase warned by SEC of potential securities charges

  3. CNN. “Job-listing company Indeed to lay off 2,200 employees.”

  4. CNN. “Ford to lose $3 billion from EV sales to consumers this year.”

  5. Reuters. “Swiss National Bank raises rates, says Credit Suisse takeover prevented larger crisis.”

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