deeper trouble, and two credit firms downgraded first republic bank to jump status. though they gave back some ground by the close the dow industrials and s&p 500 still ended the day down significantly. shares of regional banks including first republic were down sharply, in first republic s case by more than 21%. big banks which are more tightly regulated also took a hit with citi group shares down 5%. we ll have more in a moment on what this means to markets and the economy. chris tone romans and phil mattingly with me for that. first we re joined by senator bernie sanders. senator sanders, how much confidence do you have in the banking system right now? and should people watching be worried about their bank and their savings? well, i think we re all concerned about what happened at silicon valley and we re looking at other banks around the country. and i think our hope and our prayer is that there s not going to be contagion. and i think it s imperative that the congress
good evening. tonight, the latest on banking system troubles that appeared to be easing yesterday but came rumbling back this morning. deeper trouble than previously thought. then, kim news that two tragic credit rating firms had downgraded. markets plunging this morning, and that they gained back some ground by the close, the still ended the day down significantly. shares of regional banks, including first republic, were down sharply, and first republics case by more than 21%. big banks that are tightly regulated also took a hit, with citigroup shares more than 5%. good morning the moment on what this means to market economy, your money christine romans will be with me for that. first, we re joined by vermont senator bernie sanders, who chairs the senate labor and pension committee. so sanders, how much confidence you have in the banking system right now? should people what should be worried about their bank in their savings? i think we re all concerned about w
Positive. Their analyst is here to explain why. And a new report shows workers could see the largest salary gains in more than 20 years. What that means for consumers a and the fed. Well discuss. First, a look at the markets where we fluctuated between earlier declines and stronger gains, which were wading as we speak. The dow up 51 points right now. The s p, positive by just about a tenth of a percent. The nasdaq in danger of turning negative, and the russells, up 1. 5 . The nasdaq treating those bond wielding as a bit of a headwind today. Treasury space, lots of action there, as well today. The twoyear yield is up 10 basis points from yesterday, while the tenyear is a couple points below its recent highs of 4. 88. The climb in yields is why my next guest says the fed will be sitting on their hands in the next couple of weeks. Welcome to both of you. Peter, is it you who thinks they will stand pat . Some are arguing the latest spate of data should push them towards doing one more hike
Tenyear down. Oil is down as the u. S. Reaches an risk deal with iran. It would be the largest chinese takeover of an American Company ever if a reported 23 billion bid for a Technology Company is for real. And first up the u. S. Iran and five other major powers reached an Historic Deal this morning. The agreement eases some sanctions on iran. Oil prices down on that news. Brent down nearly 2 . This is the president announcing the deal early on this morning. I welcome a robust debate on congress in this issue and i welcome scrutiny of the details in congress. But you dont make deals with this like your friends. We negotiated arms control agreements with the soviet union when the nation was committed to our destruction and the agreements made us safer. This deal will meet the National Security interests of the United States and the allies. I will veto any legislation that prevents the successful implementation of this deal. Some of the safeguards go 15 to 20 years depending on the thing