5 things to know before the stock market opens Friday

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

It’s been a volatile few days, but the major U.S. stock indices were up for the week heading into Friday’s session. That could change thanks to new upheaval in the global banking system. Shares of Deutsche Bank, which experienced a sharp rise in credit default swaps, weighed on European markets. U.S. futures showed the same strain Friday morning. Elsewhere, Treasury Secretary Janet Yellen played a little cleanup Thursday after she said the government wasn’t considering a universal backstop of all U.S. deposits the day before. “The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted,” she told lawmakers Thursday. Follow live markets updates.

Another thing investors are keeping an eye on: How banks are using a new lending program the Federal Reserve unveiled earlier this month to quell concerns about the sector after Silicon Valley Bank’s collapse. This week, financial institutions borrowed $53.7 billion from the Bank Term Funding Program, a big jump from $11.9 billion last week. The program allows banks to secure one-year loans backed by Treasuries and other assets at full price even if their market values are lower. As CNBC’s Hugh Son points out, U.S. banks are sitting on loads of unrealized losses from bonds as rising interest rates weigh on their value.

Shou Zi Chew, the CEO of uber popular social media platform TikTok, faced one angry lawmaker after another during a fiery, five-hour House hearing Thursday. The rancor was bipartisan, too, since…