5 things to know before the stock market opens on Wednesday March 8

Here are the most important information investors need to start their trading day:

Stocks largely sold off and bond yields soared on Tuesday as Federal Reserve Chairman Jerome Powell told senators that rates were likely to end up higher than expected. The Dow Jones fell about 575 points, while the S&P 500 and Nasdaq fell 1.53% and 1.25%, respectively. Powell also warned that if economic data continues to be hot, the Fed could return to faster rate hikes after easing off the pedal in recent policy-making meetings. There’s more to come too. Powell is scheduled to speak again on Wednesday, this time before the House Financial Services Committee. Follow live market updates.

A Senate bill that would give the Biden administration the power to ban Chinese social video app TikTok just got a big, if not surprising, boost. The White House on Tuesday approved the bipartisan legislation and urged lawmakers to pass it quickly. The bill, dubbed the RESTRICT Act, would allow the Commerce Secretary to review certain transactions, software updates and data transfers, then refer them to the President if there is an “undue or unacceptable risk” to the national security. Then the president can act. “This bill presents a systematic framework for addressing technology-based threats to the safety and security of Americans,” Jake Sullivan, national security adviser to President Joe Biden, said in a statement.

Fox Corp, the parent company of right-wing cable channels Fox News and Fox Business, suffered a double whammy on Tuesday. First, host Tucker Carlson faced bipartisan criticism for releasing a set of security videos from the January 6, 2021 US Capitol riot that suggested it was an event peaceful, not what it really was: a bloody coup attempt that resulted in the indictment of hundreds of people. Then came the final filing of documents from Dominion Voting’s $1.6 billion libel lawsuit against Fox. The revelations included Fox chairman Rupert Murdoch suggesting hosts Sean Hannity and Laura Ingraham “went too far” in embracing Donald Trump’s false voter fraud allegations, as well as host Maria Bartiromo saying she doesn’t wouldn’t let his team call Joe Biden “president.” -elect.” The Dominion-Fox trial is scheduled to begin in mid-April.

Warren Buffett never tires of Occidental Petroleum. Berkshire Hathaway, the billionaire’s Nebraska-based conglomerate, acquired about 5.8 million shares of the oil giant during Friday, Monday and Tuesday, according to regulatory filings. The purchases increased Berkshire’s stake in Occidental to 200.2 million shares, or about $12.2 billion at Tuesday’s close. Occidental has been a strong performer in 2022, an otherwise down year for markets, with its stock more than doubling in value. It is now among Berkshire’s top 10 holdings, CNBC’s Yun Li reports.

Hit reports from The New York Times and The Washington Post indicate that US intelligence officials believe a pro-Ukrainian group may be behind an attack last year on the Nord Stream undersea gas pipelines that connect Russia and Europe. Officials believe the saboteurs could be a combination of Ukrainian and Russian nationals, the Times said. Officials do not believe Ukrainian President Volodymyr Zelenskyy or his top aides were involved, or that Ukrainian government officials ordered the action, according to the Times. Russia, whose unwarranted invasion of Ukraine has been going on for more than a year, greeted the reports with a mixture of outrage and frustration. “We are still not allowed to investigate. Only a few days ago we received notes about this from Danes and Swedes,” a Kremlin spokesman said. “It’s not just weird. It smacks of monstrous crime.” Follow live war updates.

– CNBC’s Hakyung Kim, Jeff Cox, Lauren Feiner, Christina Wilkie, Lillian Rizzo, Yun Li and Holly Ellyatt contributed to this report.

— Follow the evolution of the market like a pro on CNBC Pro.