What Really Matters

Doomsday Playbook for Default: Wall Street is preparing for a possible U.S. debt default by creating a playbook to keep the financial markets functioning. The plan includes allowing investors to trade all U.S. Treasurys, even those with past-due interest or principal payments.

Nvidia Stock Jumps to Record High Demand for AI Chips: Nvidia shares closed up 24.4% on Thursday, after it forecast current-quarter sales of about $11B, up 64% from a year earlier. Nvidia's chips are key to creating AI tools, and the company is benefiting from the growing adoption of AI technology.

First Citizens Bank lays off hundreds SVB Employees: The layoffs, which affect mostly the commercial banking business brought over from SVB, amount to approximately 3% of First Citizen's total workforce. The bank says the cuts are necessary to "right-size our scope and scale to remain competitive."

Confidence in the Fed Declines to 36%, the Lowest Level in 20 Years: This lack in confidence is likely due to the Fed's recent decision to raise interest rates at an incredible speed in an effort to combat inflation. While these rate hikes may be necessary, they also have many adverse effects, such as a negative impact on the stock market and increased burden for those with variable-rate debts.