Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, March 16, 2023.
Brendan McDiarmid | Reuters
Here are the top stories investors need to start their trading day:
It appears that the major stock averages may release this week, on track for a week of gains despite the turmoil in the global banking sector. On Thursday, the Dow Jones Industrial Average rose 1.06%, the S&P 500 rose 2.56%, and the Nasdaq Composite rose 5.19% — on track for its best week since November. Friday, though, marks the cyclical phenomenon known on Wall Street as the “triple witchcraft,” when stock index futures, stock index options, and stock options expire at the same time, which can lead to some weirdness in the last hour. Follow live market updates.
An empty office sits at First Republic Bank’s headquarters on March 16, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
Chinese President Xi Jinping waves after his speech as members of the Politburo Standing Committee meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China, October 23, 2022.
Tingshu Wang | Reuters
The FedEx logo is displayed on a FedEx vehicle on February 1, 2023 in Los Angeles, California.
Mario Tama | Getty Images
FedEx shares rose in off-hours trading after the company delivered an upbeat full-year earnings forecast and a quarterly report that showed cost-cutting efforts are paying off. The company said it now expects adjusted earnings for fiscal 2023 to come in between $14.60 and $15.20, up from a previous forecast of between $13.00 and $14.00. Executives implemented an aggressive cost-cutting plan in the face of shrinking freight volumes. Cost reductions included layoffs, grounding aircraft, cutting office space and adjusting delivery services. “We’re comprehensively adapting the cost base on all dimensions and all areas. Every dollar is under scrutiny,” Chief Financial Officer Mike Lenz said during the FedEx earnings call.
MIT students play soccer outside the McLaurin Building on October 10, 2003 in Cambridge, Massachusetts.
William B. Getty Images
College aspirants have a new dream school. Yes, it’s in Cambridge, Massachusetts. No, it’s not Harvard. according to New survey Featuring a Princeton review of college-bound students and their families, MIT is the new holy grail for admissions letters. At the Massachusetts Institute of Technology An acceptance rate of just under 4%, making it among the hardest schools to get into, but that may be part of the appeal. “There is a subliminal consensus that it is only worth going to college if you can get into a life-changing college,” said Hafeez Lakhani, founder and president of Lakhani Coaching in New York. Stanford University was second on the list of “dream” schools, followed by Harvard University and New York University. Check out the rest of the top 10 (warning fellow tar heels: The University of North Carolina didn’t make the list, but it still for me Dream School.)
— CNBC’s Hakyung Kim, Jesse Pound, Evelyn Cheng, Noah Sheidlower, and Jessica Dickler contributed to this report.
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“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”