- The Silvergate crypto bank is closing its doors.
- Norfolk Southern CEO faces senators.
- WWE wants players to bet on the results of scripted matches.
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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 private sector payrolls rose more than expected in February. Powell, meanwhile, told House lawmakers much the same things he told senators on Tuesday, namely that the Fed may well have to raise rates faster to cool the economy. Powell, however, said it was still undecided what the Fed would do when it meets later this month. Several retail names report quarterly results after the bell 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, January 29, 2023.
Jakub Porzycki | Nurphoto | Getty Images
Another major crypto player bites the dust, as the 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 on Wednesday it would go out of business and close its bank. The company said it would refund all of its deposits, but did not explain how it would resolve claims against the company. The company’s collapse comes shortly after it delayed its annual financial report and warned it could fail. Silvergate is also facing several regulatory inquiries and an investigation by the US Department of Justice.
This photo taken with a drone shows the continued cleaning of portions of a derailed Norfolk Southern freight train in East Palestine, Ohio, Thursday, February 9, 2023.
Gene J. Puskar | PA
Norfolk Southern CEO Alan Shaw is due to testify at 10 a.m. ET before a Senate panel as he and his railroad company continue to clean up an environmental, political and public relations mess. Lawmakers have said they want to know more about the derailment in early February of a Norfolk Southern train carrying dangerous chemicals in eastern Ohio. Shaw intends to tell lawmakers he is “deeply sorry” for the derailment and that the company is working to “fix things,” according to prepared remarks. While Shaw and officials said it was safe to return to eastern Palestine, the city hardest hit by the disaster, residents and cleaners reported rashes, sore throats and other illnesses . No deaths have been reported.
Strange as it may seem – betting on scripted matches – people bet on the results of professional wrestling. But this part of the gaming world hasn’t received an official blessing from the biggest dog in the wrestling block, WWE. So far. 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 argues it could be like betting on the Oscars, in which the results are known to a few people before the winners are announced, but are otherwise under lock and key. It’s a hard sell for regulators and game companies, of course. The Colorado Gambling Authority told CNBC Wednesday night, hours after the story broke, that it was not considering the idea.
View of a site after explosions in the Ukrainian capital kyiv on March 9, 2023. Many vehicles were damaged by the explosions.
Anadolu Agency | Anadolu Agency | Getty Images
Russia resumed its wave of airborne terror on Ukraine, firing 81 missiles at cities including kyiv and Odessa in the early morning hours of Thursday, according to Ukrainian officials. The barrage included six hypersonic missiles, which are too fast to be intercepted by Ukraine, officials said. The mayor of Kyiv said 40% of the capital’s residents were without heating following 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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