Deutsche Bank concerns, TikTok hearing, Fed rate hike: 3 things to know from the week
Yahoo Finance Live breaks down the top three things to know from the market week.
SEANA SMITH: All right, well, it is closing time here at Yahoo Finance. Let's get you caught up on the biggest headlines of the day. Shares of Deutsche Bank tumbling significantly earlier in the trading session after a spike in credit default swaps on Thursday night has proven to be a warning sign maybe for wary investors following the recent collapse of Swiss bank Credit Suisse. Now, Deutsche Bank shares ultimately bounced off the lows of the day, still, though, ending the day down about 3%.
DAVE BRIGGS: Meanwhile, a pair of other key events continuing to reverberate across Wall Street. TikTok CEO Shou Chew facing plenty of criticism during his testimony before the House Energy and Commerce Committee over issues of national security on Thursday. FCC commissioner Brendan Carr adding on to the TikTok criticism. Here's what he told us earlier today.
BRENDAN CARR: --any worse for TikTok. I personally sat in that exact same chair, the exact same hearing room, for the exact same committee multiple times, and I've never seen anything like it. It really united Republicans and Democrats. Whatever odds are that people were putting on an outright ban on TikTok before that hearing, I think you had to substantially raise those odds during the hearing. The one thing he had to do was establish some level of trust with the committee, really, with anybody. And he failed utterly in doing that.
DAVE BRIGGS: This all comes at a time when several lawmakers from both sides of the aisle are pushing to ban the app in the US.
SEANA SMITH: And finally, the Fed announcing its ninth rate hike since March of last year on Wednesday. Jerome Powell's comments that the inflation fight is far from over, dragging the Dow down more than 500 points lower during Wednesday's session, one of the reasons why we saw the drop in the markets that day. But for the week, the Dow, S&P, and NASDAQ all eking out gains.