Friday Roundup

In this buzz: Cryptoland and Silvergate; the Stocks recovery and hope for the equities; Salesforce; and more…

Recovery:
– Stocks recovered yesterday as Atlanta Fed President Bostic clarified that he is cool with 25 basis point rate hikes going forward. This eased concerns that the Fed is inclined to return to 50 or (gasp) 75 basis point hikes in order to deliver the beat down inflation deserves.
– Stocks are higher pre-open, and
– bulls are hoping that equities can snap its three-week losing streak.

Salesforce…
… had a great day yesterday, rallying after it smashed earnings expectations. Activist investors have been highly critical of the company, but CEO Marc Benioff said that he was listening to the constructive criticism and the sat back and watched his stock have its best day since 2020.

In the Cryptoland:
Things are not quite as rosy in Cryptoland.
✳ Bitcoin and Ether are dropping this morning as traders are weighing the fallout from crypto bank Silvergate’s troubles.
✳ Silvergate said that it couldn’t file its annual report with the SEC in time because of financial troubles and is evaluating if it can continue operating.
✳ Its stock price dropped 60% yesterday, its clients are leaving and last month the Justice department said it is probing the bank’s dealings with FTX.

Finally,
… California is getting a lot of snow. Even LA County is one of more than one dozen counties covered by the state’s emergency declaration issues this week. How much snow you ask? So much that it’s too much for ski resorts. Some slopes have seen more than a normal year’s worth of snow dumped in less than a week. This have stranded skiers and let roads impassable.
On the bright side, it looks like this snowfall could solve half of the state’s drought this year.