5 things to know before the stock market opens on Tuesday March 14

Here are the most important information investors need to start their trading day:

Investors are looking for clarity after a few days of dramatic turns. Monday was a mess as markets tried to figure out the ramifications of the Signature Bank and Silicon Valley Bank shutdowns. The Dow Jones finished lower, marking its fifth consecutive day of loss, while the Nasdaq managed to snatch a slight victory. Shares of regional banks have been hit hard as government actions to limit the fallout from Silicon Valley Bank and Signature have, at least for now, failed to reassure investors and depositors. The First Republic, for example, fell 62% on Monday. Still, those stocks could be in store for a rebound on Tuesday. Follow live market updates.

The Federal Reserve is still on track to raise its benchmark interest rate by a quarter point next week, despite the second and third largest bank failures in history. On Monday, even with the turmoil in the market, particularly among regional banks, traders saw an 85% chance that the rate hike would occur as the central bank tries to calm inflation. Goldman Sachs stood out as a dissenting voice, however, saying Fed Chairman Jerome Powell and his team would refrain from raising rates for now. “We think Fed officials are likely to prioritize financial stability for now, viewing it as the immediate issue and high inflation as a medium-term issue,” Goldman said in a note to clients. The Fed’s next policy-setting meeting is scheduled for March 21-22.

Speaking of inflation, the government’s report on consumer inflation for February is due Tuesday at 8:30 a.m. ET. It’s expected to be a bit cooler than January’s consumer price index, showing that the Fed is still making a bit of progress in its fight against price increases. This report will take on added importance given the backdrop of the Silicon Valley Bank and Signature Bank bankruptcies, which have sparked a stir among regional banks. As CNBC’s Patti Domm points out, before the bank shake-up, a scorching CPI report could have prompted the Fed to hike rates by half a point next week. Now, with the stability of the financial system at the top of everyone’s mind, even a larger-than-expected reading is unlikely to push the Fed beyond a quarter point.

Shares of Uber, Lyft and DoorDash all surged in after-hours trading after a California appeals court allowed those companies to treat their drivers as independent contractors, not employees. The decision upheld a measure called Proposition 22, which California voters approved in November 2020 after a costly campaign that ride-hailing and delivery companies spent more than $180 million on. Monday’s ruling overturned a lower court’s rejection of Proposition 22, which was challenged by a group of ride-hailing drivers. The measure exempts Uber and others from following several compensation laws.

Authorities have extended a Russian-Ukrainian grain export deal for 60 days, Russia’s deputy foreign minister told a Russian news agency. The agreement allowed Ukraine to export wheat, corn and other agricultural products through the Black Sea. A Russian blockade early in the war had hurt the world’s food supply and fueled price inflation. Elsewhere, Ukrainian President Volodymyr Zelenskyy has defended his decision to continue to defend the town of Bakhmut in eastern Ukraine. “We must destroy the military power of the enemy – and we will destroy it,” he said. Follow live war updates.

– CNBC’s Sarah Min, Jeff Cox, Patti Domm, Rohan Goswami and Holly Ellyatt contributed to this report.

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