5 things to know before the stock market opens Thursday, March 16

Here are the most important news items that investors need to start their trading day:

Two more trading days to go in this chaotic week that’s been driven by turmoil in banks. Credit Suisse, the current poster child for the upheaval, took up the Swiss central bank’s offer of a lifeline. Will that calm everyone down? That’s not clear, especially since the banking crisis has many wondering whether the Federal Reserve will indeed raise rates at its policy-setting meeting next week. It had been widely expected to announce a quarter-point hike, but more are betting on a pause under the notion that systemic stability is more important than taming inflation. Read live markets updates.

Shares of Credit Suisse traded higher Thursday after the Swiss banking giant said it would borrow up to $54 billion from Switzerland’s central bank. It’s been a hectic week Credit Suisse. Earlier this week, the bank and others in Europe slid over fears of contagion from the Silicon Valley Bank collapse in the U.S. Then, on Tuesday, the Swiss bank took another hit as it revealed “material weaknesses” in its financial performing in 2021 and 2022. Its shares hit an all-time low Wednesday after its Saudi investors said it wouldn’t be able to pump any more cash into the bank. Then came the Swiss National Bank’s action, which is providing a lift for the moment.

What’s bad for TikTok is good for Snap and Facebook owner Meta. Shares of the latter two social media companies rose in off-hours trading following a Wall Street Journal report that said the Biden administration told TikTok’s Chinese owner, ByteDance, to sell its stake or face a ban in the U.S. TikTok, which has rocketed to popularity over recent years, challenging both social media and traditional media companies for people’s time and eyeballs, is a top target for national security hawks on both sides of the political divide, given its Chinese connections. ByteDance has rejected the criticism. “The best way to address concerns about national security is with the transparent, U.S.-based protection of U.S. user data and systems, with robust third-party monitoring, vetting, and verification, which we are already implementing,” the company said Wednesday.

The U.S. says video it released Thursday shows a Russian fighter jet colliding with an American drone, which then crashed into the Black Sea. The incident, which occurred Tuesday, intensified already hot tempers on both sides, as the United States continues to support Ukraine’s defense against Russia’s invading forces. Elsewhere, the battle for Bakhmut in eastern Ukraine remains intense. a pro-Russian official said Ukraine is building up forces in the area. Follow live war updates.

Virgin Orbit paused its operations until next week, furloughing almost all of its employees, as it seeks a funding lifeline, according to CNBC space business reporter Michael Sheetz. The news hit the company’s already-beleagured stock, sending it down more than 40% in off-hours trading to about 60 cents a pop. The company is known for using a modified 747 jet to carry rockets under its wing that would then blast satellites into space. Its last mission, in January, suffered a failure in the middle of a flight. The rocket crashed into the ocean. As of Wednesday evening, Virgin Orbit still hadn’t announced when it would report its fourth-quarter financial results. (Sign up for CNBC’s Investing in Space newsletter.)