5 Things to Know Before Markets Open

News of the day for March 9, 2023

President Joe Biden delivers his State of the Union address during a joint meeting of Congress in the House Chamber of the U.S. Capitol on February 07, 2023 in Washington, DC. The speech marks Biden's first address to the new Republican-controlled House.

Chip Somodevilla / Getty Images

President Biden will unveil his budget proposal, crypto bank Silvergate Capital says it will shut down, and Uber considers spinning off its freight division. Here’s what investors need to know today.

1. President Biden to Unveil Budget Proposal

President Biden will unveil a budget proposal outlining a plan to reduce federal budget deficits by nearly $3 trillion over the next decade and raise taxes on the wealthy and large corporations. The budget is expected to face opposition in Congress.

2. Crypto Bank Silverbank Capital Says It Will Shut Down

Shares of crypto bank Silvergate Capital (SI) tumbled more than 40% to less than $3 per share after the company said it would wind down its bank operations and liquidate its assets. Silvergate shares had topped $220 per share in November of 2021.

3. The NHTSA Opens an Investigation into Tesla Vehicles

The NHTSA said it is opening an investigation into 120,000 Tesla Model Y vehicles after two reports of steering wheels falling off while driving. The vehicles were delivered to owners missing the retaining bolt that attaches the steering wheel to the steering column.

4. Uber Considers Spinning Off Its Freight Division

Uber (UBER) shares rose over 3% in pre-market trading on reports the company is considering spinning off its freight logistics division or spinning it off as a separate company to streamline its focus on ride hailing and food delivery. Uber Freight comprises 18% of Uber’s overall revenue, climbing to $1.5 billion during the fourth quarter.

5. Credit Suisse Delays Its Annual Report

Credit Suisse will delay its 2022 annual report after a late call from the SEC last night. In a statement, the bank said the conversation related to SEC comments about the “technical assessments of previously disclosed revisions to the previously consolidated cash flow statements” from 2020 and 2019.

Article Sources
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  1. CNN. “Biden’s budget set to lay groundwork for high stakes battles ahead.”

  2. Business Wire. “Silvergate Capital Corporation Announces Intent to Wind Down Operations and Voluntarily Liquidate Silvergate Bank.”

  3. National Highway Traffic Safety Administration. “Investigation: PE-23-003.”

  4. Bloomberg. “Uber Is Considering Spinning Off Freight Logistics Division.”

  5. Reuters. “Credit Suisse delays annual report after SEC call, shares drop.”

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