Text size
Stock futures edged higher Thursday as fears were calmed by news that Credit Suisse would exercise its option to borrow as much as $54 billion from the Swiss National Bank.
Angela Weiss/AFP/Getty Images
Stock futures traded mixed Thursday after Swiss banking giant
Credit Suisse
said it would use an option to borrow as much as 50 billion Swiss francs ($54 billion) from the country’s central bank. The move calmed fears on Wall Street following a volatile trading session.
These stocks were poised to make moves Thursday:
American depositary receipts of
Credit Suisse
(CS) rose 6.5% after tumbling nearly 14% on Wednesday after the bank’s largest shareholder, the Saudi National Bank, said it wouldn’t be investing any more money in the lender. The news sent global bank shares spinning lower.
One of those banks was
First Republic Bank
(FRC), which fell 21.4% on Wednesday. It was down 10.8% in premarket trading Thursday. Two ratings firms cut the bank’s credit rating to “junk” on the risk that depositors could pull their funds from California-based First Republic. A report from Bloomberg, which cited people with knowledge of the matter, late Wednesday said the bank was exploring its strategic options, including a potential sale.
Snap
(SNAP), the parent of Snapchat, and
Meta Platforms
(META), which owns Facebook and Instagram, rose 6.4% and 1.7%, respectively, after The Wall Street Journal reported the Biden administration has…
..
