Federal Reserve Board Chair Jerome Powell holds a news conference after the Fed raised interest rates by a quarter of a percentage point following a two-day meeting of the Federal Open Market Committee (FOMC) on interest rate policy in Washington, March 22, 2023.

Leah Millis | Reuters

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

1. Is this it?

2. Regional banks, national worries

A Pacific Western Bank branch in Los Angeles, California, US, on Friday, March 10, 2023.

Eric Thayer | Bloomberg | Getty Images

If you thought JPMorgan’s post-failure acquisition of First Republic might have nipped concerns about regional banks in the bud, you may want to reconsider. Shares of PacWest plunged nearly 28% Tuesday, meaning it has fallen more than 71% so far this year. Western Alliance shares declined 15%. The stocks didn’t look so hot in the premarket session Wednesday, either. The SPDR S&P Regional Banking ETF, meanwhile, fell more than 6% on Tuesday. The banking issues have weighed on investors’ minds this week as earnings season marches on and markets gear up for another Fed rate hike. The three major averages have fallen for two straight sessions.

3. Market to Ford: Tough

Ford Mustang Mach-E is presented at the New York International Auto Show, in Manhattan, New York City, April 5, 2023.

David Dee Delgado | Reuters

Ford easily beat expectations when it reported quarterly results after the bell Tuesday. It posted 63 cents per share in adjusted earnings, well ahead of Wall Street’s expectation of 41 cents. Automotive revenue came in at $39.09 billion, more than $3 billion above estimates. While the Ford EV unit’s losses widened as the company ramps up production, earnings from the company’s legacy internal combustion engine and fleet businesses more than made up for it. All in all, a good report, but Ford didn’t think it was enough to boost its guidance for the year. Investors, in turn, largely shrugged off the otherwise positive numbers from the Detroit stalwart. Shares of Ford were flat to slightly negative in extended trading.

4. China comes alive for Starbucks

Alex Tai/SOPA Images | LightRocket | Getty Images

Starbucks’ big beats on earnings and revenue weren’t enough to wow investors after the bell Tuesday. But the coffee giant’s results out of China may give them something to savor over the long term. (More so than olive oil coffee, anyway.)  Starbucks said same-store sales in China, its second biggest market behind the U.S., grew for the first time since its fiscal third quarter in 2021. The growth returned after the Chinese government lifted its so-called zero Covid policy and consumers headed back to cafes after a surge of infections. Starbucks is building momentum in China, as well – same-store China sales were up 30% in March, and it has carried over into the current quarter, executives said. Still, the company maintained its guidance for the year.

5. PC pain for AMD

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada.

Robyn Beck | AFP | Getty Images

And here’s yet another case of a company beating earnings expectations while not impressing investors. AMD did just that, but it also offered revenue guidance for the current quarter that came in below Wall Street’s estimates. The stock fell in extended trading. The chipmaker is suffering from depressed demand out of the personal computer market. PC shipments dropped 30% in the first quarter, according to IDC. In turn, AMD’s PC processor sales tumbled during the period. For what it’s worth, CEO Lisa Su said the company expects a rebound from the PC and server markets in the second half of the year.

– CNBC’s Sarah Min, Jesse Pound, Michael Wayland, Amelia Lucas and Kif Leswing contributed to this report.

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