SVB hearings, major economic data, and some heavy hitters reporting earnings. There’s a lot going on in the week ahead. Here’s what you need to know: For the first time, members of Congress will grill top banking regulators over the collapse of Silicon Valley Bank and Signature Bank. Top officials from the Federal Reserve, FDIC, and Treasury Department are expected to testify on Tuesday and Wednesday on Capitol Hill, as lawmakers try to get to the bottom of why the banks failed. Wall Street will be watching this week for the latest round of economic figures. We’re set to receive 2022 Q4 GDP (final), PCE inflation data, consumer confidence, and fresh information on the health of the housing market. And big time market movers Walgreens (WBA), Carnival Cruise Line (CCL), and Lululemon (LULU) are primed to post their quarterly earnings. Investors will want to keep a close eye for news coming out of those reports. Find more of the latest earnings headlines here.
(Bloomberg) -- The revelation that about $2 million of “nickel” on the London Metal Exchange was actually just bags of stones has thrown a spotlight on the sprawling web of warehouses and metal stashes underpinning the billions of dollars of derivatives traded daily on the LME.Most Read from BloombergGreenland Solves the Daylight Saving Time DebateRussia Seeks 400,000 More Recruits as Latest Ukraine Push StallsCredit Suisse Wouldn’t Have Lasted Another Day, Minister Says‘Zoom Towns’ Exploded in
Block (SQ) shares are under pressure after falling 15% on Thursday, as investors continue to digest Hindenburg's latest short-seller report that targeted the company. The report accused Block of misleading investors by overstating user numbers and says it's been ignoring fraudulent payments. While the report offers details of alleged wrongdoings by Block, some Wall Street analysts are not buying into it. "There were a lot of undertones in that Hindenburg report which I didn't like, and I thought were inappropriate as well," Dan Dolev, Mizuho Senior Financial Technology Analyst, told Yahoo Finance. Dolev points out that there are likely similar things going on in payments apps Zelle and Venmo (PYPL). "To a certain extent, these things happen everywhere." The stats that Hindenburg used to back up its accusations actually show the company has a "good hit rate" Dolev says. "I don't think this is actually a valid argument. ...The numbers speak for themselves." You can watch Yahoo Finance's Brad Smith and Jared Blikre's entire interview with Dolev here. Key Video Moments 00:00:01: Hindenburg 'singled out' the Cash app 00:00:33: 'Inappropriate' findings in the report 00:00:52: Block's 'hit rate' around fraudulent activity 00:01:25: Block's gross profit