Dow Jones futures rose slightly Sunday night, along with S&P 500 futures and Nasdaq futures. The bank crisis is still in focus. Headlines have been relatively modest so far this weekend, though a deal may be close for FDIC-controlled Silicon Valley Bank.
A stock market rally attempt is ongoing, but the indexes have been volatile while breadth has been narrow.
The major indexes rose modestly for the week, but came far off weekly highs. The Russell 2000 hit 2023 lows with bank stocks, but small caps and banks edged up for the week.
The rally attempt has relied heavily on big-cap Nasdaq stocks. Apple stock, Microsoft ($MSFT), Tesla ($TSLA), Regeneron Pharmaceuticals ($REGN), MercadoLibre ($MELI) and Palo Alto Networks ($PANW) are Nasdaq 100 stocks that are holding up well.
REGN stock gapped up into a buy zone late in the week on positive drug trial news. Apple ($AAPL) and Microsoft are just above buy points while Palo Alto is just below an entry. MercadoLibre and Tesla stock are holding key support levels, not far from being actionable. All boast strong relative strength lines. MercadoLibre and PANW stock are on IBD Leaderboard. AAPL stock is on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. MELI stock is on the IBD 50.
Just because individual stocks are possible buys doesn't mean investors have to act on them. This market rally attempt still needs to confirm its uptrend.
Bank News
This weekend has been relatively quiet for banking news, at least in comparison to the prior two weekends. The news generally has been about resolution vs. frantic efforts to avoid systemic collapse.
First Citizens BancShares is in advanced talks to buy SVB Financial's Silicon Valley Bank, Bloomberg reported Sunday evening.
The FDIC has been looking to unload Silicon Valley Bank since taking over more than two weeks ago. Reports last week suggested that the regulator might shoulder some of the underwater assets to smooth the way for a deal.
U.S. regulators could expand an emergency lending facility for banks, with an aim at helping First Republic bolster its balance sheet, Bloomberg reported Saturday, citing sources. Authorities are mulling various options. They don't see any First Republic as needing urgent new help as the California-based bank tries to work out solutions with its advisers.
Late Friday, the Fed reported that deposits at small domestically chartered banks fell by $120 billion in the week March 15, but rose $67 billion at large domestically chartered banks.
On Friday, many banks rebounded from 2023 lows after concerns expanded, at least briefly, to Deutsche Bank. Even Wall Street giants such as JPMorgan Chase and Morgan Stanley undercut recent lows before closing better.
The video embedded in this article discusses the week's market action in depth, while also analyzing MELI stock as well Meritage Homes and PagerDuty, the two most recent IBD Stock Of The Day selections.
[link] [comments] https://www.reddit.com/r/stocks/comments/123d6ws/dow_jones_futures_rise_a_sale_at_silicon_valley/
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