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Banking regulators will face tough questions from Congress today while the U.S. brings a case against the worlds largest cryptocurrency exchange. Heres what investors need to know today.

Top U.S. banking regulators are scheduled to appear this morning before the Senate BankingCommittee to discuss the collapse of Silicon Valley Bank and Signature Bank. Witnesses will include FDIC Chair Martin Gruenberg, Fed Vice Chair Michael Barr, and U.S. Under Secretary of Treasury Nellie Liang.

U.S. regulators sued Binance alleging the operator of the worlds largest cryptocurrency exchange and its founder Zhao Changpeng kept an illegal foothold in the American market and violated rules designed to prevent illicit financial activity. A Binance spokesperson called the CFTCs actions unexpected and disappointing, saying the company had made significant investments over the past two years to ensure we do not have U.S. users active on our platform.

Alibaba (BABA) shares are rising more than 6% in pre-market trading on a report the company plans to split its $220 billion empire into six main units that will individually raise funds and explore IPOs. The plan to split into units covering ecommerce, media, and the cloud would mark the biggest overhaul of Chinas ecommerce leader since its inception more than two decades ago.

Shares of ride hailing company Lyft (LYFT) are up more than 5% in pre-market trading after the company announced it has hired board member David Risher as its new CEO. The founders of the company, Logan Green and John Zimmer, will step back from day-to-day management of the company.

Facebook reportedly plans to lower bonus payouts for some staff. Parent Meta Platforms says it will more frequently assess employee performance as part of a sweeping revamp that includes large job cuts.

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5 Things to Know Before Markets Open - Investopedia