Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week. Here are your pre-market movers & news on this Friday, March the 24th, 2023-
Dow futures drop more than 300 points as Deutsche Bank sparks concerns over global banking system: Live updates
Stock futures fell Friday as Wall Street fretted over the state of the global banking system once again.
Futures tied to the Dow Jones Industrial Average slid 333 points, or 1.03%. S&P 500 futures dipped 0.84%, while Nasdaq-100 futures were 0.5% lower.
Deutsche Bank’s U.S.-listed shares slid about 11% in the premarket after the the German lender’s credit default swaps jumped. The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival Credit Suisse.
Shares of major U.S. banks were also under pressure. Bank of America, JPMorgan Chase and Wells Fargo fell more than 2% each. Meanwhile, Citigroup fell more than 3%.
Wall Street is coming off a volatile session Thursday that ultimately ended with the major averages posting solid gains. The Nasdaq Composite posted the largest gain, at 1%, as technology shares continued to rally on a hunch that interest rate hikes would be coming to an end. The S&P 500 ended around 0.3% higher, while the Dow finished up 0.2%.
For the week, the Dow and S&P 500 are up around 0.8% each, while the Nasdaq has gained 1.4% through Thursday’s close.
Investors have been assessing the Fed’s latest policy move announced this week. The central bank hiked rates by a quarter-point. However, it also hinted that its rate-hiking campaign may be ending soon. Meanwhile, Fed Chair Jerome Powell noted that credit conditions have tightened, which could put pressure on the economy.
The “primary driver of market volatility is investors assessing the push-and-pull between price stability and financial stability,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. Hainlin said that the Fed has a “mandate to tame inflation while also limiting further strains on capital market activity that can stem from ongoing rate hikes.”
Investors also kept an eye on regional banks. On Thursday, Treasury Secretary Janet Yellen said at regulators are prepared to take more action if needed to stabilize U.S. banks. Her comments are the latest among regulators attempting to buoy confidence in the U.S. banking system in the wake of the Silicon Valley Bank and Signature Bank closures.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
NEXT WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR NEXT WEEK'S ECONOMIC CALENDAR!)
NEXT WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR NEXT WEEK'S UPCOMING IPO'S!)
NEXT WEEK'S EARNINGS CALENDAR:
([CLICK HERE FOR NEXT WEEK'S EARNINGS CALENDAR!]())
(T.B.A. THIS WEEKEND.)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(N/A.)
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES!]())
(NONE.)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Deutsche Bank — The German lender’s shares tumbled 13% following a spike in credit default swaps — a form of insurance for a company’s bondholders against its default — raising concerns again over the health of the European banking industry.
STOCK SYMBOL: DB
(CLICK HERE FOR LIVE STOCK QUOTE!)
Banks — Shares of U.S. banks fell as investors worried about the global banking system. First Republic Bank fell 3%, while Western Alliance, Zions Bancorporation and Fifth Third all lost more than 2%. Large banks weren’t immune from traders’ skittishness. JPMorgan Chase and Bank of America were down 2% as well.
STOCK SYMBOL: FRC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Block — The payment company slid 1.9%, a day after losing nearly 15% when short seller Hindenburg Research alleged that Block facilitates fraud. On Friday, Block was downgraded to hold by Atlantic Equities on the lack of clarity on its Cash App after Hindenburg’s short position.
STOCK SYMBOL: SQ
(CLICK HERE FOR LIVE STOCK QUOTE!)
Energy stocks — Energy names fell in in the premarket as oil prices slid, with investors worried about potential oversupply. Marathon Oil and Devon Energy fell about 3%. Halliburton, Occidental Petroleum, Diamondback Energy and Exxon Mobil each lost about 2%.
STOCK SYMBOL: MRO
(CLICK HERE FOR LIVE STOCK QUOTE!)
Incyte — The pharmaceutical company saw its shares fall more than 3% after it issued a regulatory update on its ruxolitinib extended-release tablets. The FDA has said it can’t approve the company’s application in its present form.
STOCK SYMBOL: INCY
(CLICK HERE FOR LIVE STOCK QUOTE!)
Scholastic — Shares of the children’s book publisher fell 13% after the company reported a decline in revenue for its fiscal third quarter from the previous year and lowered its financial guidance for the full year. Scholastic now projects about 4% revenue growth for the year, compared to its previous outlook of between 8% and 10%.
STOCK SYMBOL: SCHL
(CLICK HERE FOR LIVE STOCK QUOTE!)
FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
I hope you all have an excellent final trading day of this week ahead on this Friday, March 24th, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/120imsw/324_fridays_premarket_stock_movers_news/
Login to add comment
Other posts in this group
Please use this thread to discuss your portfolio, learn of other stock tickers, and help out users by giving constructive criticism.
Why quarterly? Public comp
When you sell a stock to buy another stock, do you prefer to set the estimated amount of the capital gains taxes aside in a money market or do you think it better to
Saving for retirement is crucial, but relying solely on a 401(k) might not be enough due to high inflation. Consider investing in growth stocks, especially in the tec
I’m think this is not a good investment as there is no chatter at all on the 52 week low. They are involved in a class action lawsuits by investors and credit card co
Sorry if this is the wrong sub. Let’s say I had $1 million in VOO but I wanted to sell half of it to buy SCHD. It would suck to pay taxes on $500k. So how would you g
Hey guys, I did a deep dive into Crocs. In this analysis, I will do a brief breakdown of the company and go over some quantitative data, qualitative data and estimate
