5 things to know before stock markets open on Friday, March 17

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on March 16, 2023.

Brendan McDermidt | Reuters

Here are the most important news for investors to start their trading day:

Despite the turmoil in the global banking sector, it looks like the key stock averages could emerge this week on pace for a successful week. Through Thursday, the Dow Jones Industrial Average was up 1.06%, the S&P 500 was up 2.56%, and the Nasdaq Composite was up 5.19% — on track for its best week since November. Friday, however, marks a periodic phenomenon known on Wall Street as “triple witching,” when stock index futures, stock index options and stock options all expire at the same time, which could bring some last-hour craziness. Follow live market updates.

Office vacancy at Republic Bank headquarters since March 16, 2023 in San Francisco, California.

Justin Sullivan | Good pictures

Chinese President Xi Jinping waves after his speech as members of the new Politburo Standing Committee meet with the media following the 20th National Congress of the Communist Party of China at the Great Hall of the People in Beijing, China, October 23, 2022.

Tingshu Wang | Reuters

The FedEx logo will be displayed on a FedEx vehicle on February 1, 2023 in Los Angeles, California.

Mario Tama | Good pictures

FedEx shares rose in after-hours trading after the company delivered an upbeat full-year revenue forecast and a quarterly report that showed its cost-cutting efforts were paying off. It expects adjusted earnings for fiscal 2023 to come in between $14.60 and $15.20, versus forecasts of between $13.00 and $14.00. Executives are implementing an aggressive plan to cut costs as shipping volumes shrink. Cost cuts include layoffs, grounding planes, cutting office space and adjusting delivery services. “We’re fully adjusting the cost base across all dimensions and all areas. Every dollar is under scrutiny,” CFO Mike Lenz said during FedEx’s earnings call.

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Massachusetts Institute of Technology students play football outside the McClure Building on October 10, 2003 in Cambridge, Massachusetts.

William B. The ploughman Good pictures

College hopefuls have a new top dream school. Yes, it’s in Cambridge, Massachusetts. No, it’s not Harvard. A step A new survey The new holy grail of MIT acceptance letters, by the Princeton Review of college-bound students and their families. There is MIT Acceptance rate is just 4%, making it one of the hardest schools to get into, but that may be part of the appeal. “There’s a subconscious consensus that going to college is only worth it if you can go to life-changing college,” said Hafiz Lakhani, founder and president of Lakhani Coaching in New York. Second on the list of “dream” schools is Stanford University, followed by Harvard University and New York University. Check out the rest of the top 10. (Warning to fellow Tar Heels: The University of North Carolina didn’t make the list, but it’s still there N Dream School.)

– CNBC’s Hakyung Kim, Jesse Pound, Evelyn Cheng, Noah Sheidlower and Jessica Dickler contributed to this report.

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