Good morning. US stock futures rose in Friday morning trading as investors looked ahead to the release of fresh US jobs data.

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Top News

Will regulators step in to save banks?

 WHAT: US regulators find themselves between a rock and a hard place as pressure mounts for them to do something about the wobbly banking sector. Shares of regional banks continued to tumble even as banks like PacWest Corp say they're exploring all options to beef up their balance sheet. 

WHY: Wall Street executives and bank analysts called for regulators to quickly provide more protection for bank deposits and consider other backstops, arguing only an intervention could stop the crisis from spiraling.  

Bankers to SEC: Probe short sales

WHAT: The American Bankers Association (ABA) is feeling a little suspicious about some recent short sales of publicly traded banking companies. In fact, they're so perplexed that they're calling on Federal regulators to investigate these trades that they say are "disconnected from the underlying financial realities".   

WHY: The ABA's call came as shares of regional banks resumed their slide after the collapse of First Republic Bank, the third US mid-sized lender to fail in the last two months.  

Smaller lenders get away, big banks not so lucky... 

WHAT: Looks like the Federal Deposit Insurance Corporation (FDIC) is doling out its own form of "justice". According to Bloomberg News, the FDIC is giving smaller lenders an exemption from kicking in extra money to replenish the government's bedrock deposit insurance fund, while saddling the biggest banks with much of the bill. 

WHY: According to the FDIC's proposal, smaller lenders with less than $10 billion in assets would not be required to pay. The regulator estimates the failure of Silicon Valley Bank will cost the deposit insurance fund $20 billion. 

In Other News

Microsoft, AMD team up on chips

 WHAT: Microsoft is all about spreading the love when it comes to AI and chips. The company is reported to be helping chipmaker AMD beef up their artificial intelligence processors.    

WHY: According to sources familiar with the matter, the software giant is providing financial support to bolster AMD's efforts, and working with the chipmaker on a homegrown Microsoft processor for AI workloads code-named "Athena".

DeSantis-Disney feud heats up

WHAT: In a move that surely has Mickey Mouse shaking in his oversized shoes, Florida's Senate has given Governor Ron DeSantis the power to appoint a tourism board that can cancel agreements made by their predecessor. Under the bill, the Central Florida Tourism Oversight District Board, which oversees developments in and around Disney's theme parks, can cancel agreements signed up to 3 months before the board's creation. 

WHY: Disney, the largest employer in Central Florida, and DeSantis have been feuding since last year when Disney criticized a state measure banning classroom discussion on sexuality and gender identity with younger children.  

Who wants to buy a publisher?  

WHAT: Hold on to your bookshelves folks! Simon and Schuster is once again looking for a new owner. After a failed attempt by Penguin Random House to seal the deal, Simon and Schuster's CEO and parent company Paramount Global announced that they're ready to swipe right on a new suitor.      

WHY: Penguin Random House, the largest trade publisher in the US, had offered $2.2 billion for Simon and Schuster in 2020, but the US Justice Department sued, alleging the deal would reduce the number of books published and damage competition.  

Key Economic Events

• Friday - US Unemployment Rate, Fed's Bullard Discusses The Economic Outlook

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