Equities are adding to Friday’s gains in the early going today, while Treasuries, gold, and silver are selling off. The dollar is flattish while oil is slightly higher.

On the news front...

The banking sector is catching a reprieve here, and that’s leading to “Risk On” trading across all asset classes. First Citizens Bancshares (FCNCB) is buying $119 billion of deposits and $72 billion of loans from failed Silicon Valley Bank. Another $90 billion of SVB securities will remain with the FDIC, which also agreed to a loss-sharing deal with FCNCB to help facilitate the transaction.

Meanwhile, the Chairman of Saudi National Bank Ammar Al Khudairy resigned for “personal reasons.” He helped trigger the plunge in shares of Credit Suisse Group AG (CS) several days ago when he said the Saudi bank, CS’s largest shareholder, would “absolutely not” support CS if it had to raise additional liquidity. CS’s Swiss rival UBS Group AG (UBS) ultimately agreed to buy CS in a deal backed by Swiss authorities.

Finally, a portion of Twitter’s source code was posted online – a major breach of intellectual property at the social media site. Elon Musk acquired Twitter for $44 billion in October and has been attempting to get the company on track ever since.