SVB files for bankruptcy, market chaos, FedEx boosts forecast: 3 things to know

Yahoo Finance Live’s Julie Hyman summarizes three key topics to watch for Friday morning.

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JULIE HYMAN: Let's get right to the three things you need to start off your morning. First thing you need to know, Silicon Valley Bank Financial Group has filed for chapter 11 bankruptcy protection. A move, it says, aims to preserve value. This, as 11 banks offer $30 billion in aid to First Republic. Regulators say, that move signals strength in the system. But the industry overall faces challenges from depositors reminded, perhaps, of the risks of large, uninsured balances.

Second thing you need to know, we're wrapping up a wild week for the markets. Monday kicked off with regional bank woes following the failure of Silicon Valley and Signature banks, Credit Suisse's Wednesday turmoil sparked fear of a more global contagion.

And if that wasn't enough, we're closing out the week with quadruple witching. Remember, that's where index futures, index options, stock options, and stock futures, all of them expire. Usually, witching days trigger a flurry of trading. That can mean big moves through the market. By the way, all that said, markets-- stock markets are actually on pace to rise for the week, surprisingly enough.

And third thing you need to know, FedEx boosts its forecast for the upcoming year, although earnings declined for a second straight quarter. The delivery giant shares' soared in after-hours trading as it announced plans to cut operating costs. FedEx has been struggling with sliding volumes, but offset that with price increases last quarter.