Remember credit default swaps from the 2008 crisis? |
They're back — big time. Credit default swaps are used in different and sometimes sophisticated ways. A good way to explain them is to say they're insurance contracts on the yield an investor gets from a corporate bond. For instance, the credit default swaps in Credit Suisse, which is the bank that's really under fire, have doubled in just a few days. This means confidence in the bank has fallen dramatically. Big financials in the U.S. by just about all accounts are fine, but even the credit default rates in Goldman Sachs and Morgan Stanley have jumped in the last several days. Kristina Partsinevelos will have a lot more on CNBC Thursday.
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Amid the turmoil, there are some new highs today (thanks to CNBC's data teamer Chris Hayes) |
Hershey hit an all-time high today. It is up 2.8% this week. Arista Networks hit an all-time high today. It's up 5% this week and 26% in 2023. Cadence Design Systems hit an all-time high today. It is up 3.7% this week and up 26% in 2023.
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Oil falls to December 2021 lows |
Over the past week… just one week: Halliburton is down 18%. Devon Energy is down 17%. APA is down 16.7%. Marathon Oil is down 16%. ConocoPhillips is down 11%. ExxonMobil is down 7.6%. Chevron is down 5.6%.
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Big mega-cap tech is holding up |
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