Morning Report: Senate Banking Committee holds first hearing on Silicon Valley Bank collapse

The Senate Banking Committee will hold the first of several hearings on the collapse of Silicon Valley Bank today. A top Federal Reserve official will tell the committee the bank failed due to mismanagement and a sudden panic among depositors.

Disney will begin informing employees this week that they’re being laid off. This will be the first of three rounds of cuts that will amount to 7,000 job losses. Disney is cutting costs after its valuation plummeted last year.

Stocks rose Monday as panic over bank stocks eased.
The DOW climbed 195 points.

Recent data from Numerator, a market-research firm, suggested that the average Costco shopper spends just over $100 per visit. That comes to a total of around $3,000 per year. Costco’s average transaction is approximately double the average Target or Walmart transaction, which hover at around $50 and $54 respectively.

A leaked Amazon memo has revealed it aims to fully legalize alcohol delivery. Biz Journals reports Amazon’s goals include “modernizing” the three-tier system that the U.S. government has used since the end of prohibition to regulate alcohol distribution.

Categories: Morning Business Report