Despite the jobless claims data that was released early Thursday morning, the market is still focused on the Federal Reserve and Jerome Powell after two days of Capitol Hill testimony from Powell.
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Powell, earlier this week, warned lawmakers and investors that the Fed may have to hike rates higher than previously expected in order to get inflation under control.
"I've heard it said that Fed Chair Jerome Powell softened his tone a bit on Wednesday. I don't quite see it that way. I thought he remained the same hawk that he had been the day prior. The man is a human being. The fact is that when we have these two days of testimony (which occurs twice a year) before the appropriate legislative committees, the market reaction is almost always more pronounced on the first day. That's the day that the headlines are made and the tone is set," Real Money contributor Stephen Guilfoyle wrote on Thursday morning.
The February jobs report is expected at 8:30 a.m. Friday morning. After Powell's commentary this week, however, investors are leaning towards a 50 basis point hike at the March meeting.
Outside of the general market environment, crypto is back in the headlines after Silvergate announced its liquidation.
Silvergate warned last week that it may not be able to keep operating. Prior to its struggles, the crypto-friendly bank was a cornerstone in the crypto space. However, it said that the "industry and regulatory developments" pushed it to shut down.
Silvergate Capital trades on the New York Stock Exchange under the ticker SI and plummeted nearly 50% following the liquidation news.
Earlier this month, it shuttered the Silvergate Exchange Network, which allowed the major exchanges--Coinbase, Gemini, among others--to move money amongst institutions.
