Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Tuesday, March the 21st, 2023-
Stock futures rise as Wall Street tries to build on Monday’s rally, regional banks jump: Live updates
Stock futures rose Tuesday as traders tried to add to a rally from the previous session that was sparked by hope that the banking turmoil would be contained.
Futures on the Dow Jones Industrial Average gained 382 points, or 1.2%. S&P 500 futures also climbed 0.9%, while Nasdaq-100 futures were up 0.3%.
Regional banks surged in early trading, led by First Republic. The beaten-down bank jumped 21.9%, a day after losing 47%. The SPDR Regional Banking ETF (KRE) gained 3%. Regionals got a boost after Treasury Secretary Janet Yellen said Tuesday morning that the government is ready to provide further guarantees of deposits if the banking crisis worsens.
Wall Street is coming off a strong rally, with the Dow surging more than 380 points Monday, while the S&P 500 gained 0.9%. The action came a day after a forced takeover of Credit Suisse by UBS, which was engineered by the Swiss government. Investors also welcomed news that JPMorgan Chase could be advising embattled First Republic Bank on strategic alternatives.
“Bank selling appears exhausted and it would take the emergence of fresh deposit problems at a new name to bring out incremental supply, although there’s very little interest to step in and buy the group, especially the regionals,” Adam Crisafulli, founder of Vital Knowledge, said in a note.
Investors now expect a slower pace of tightening from the Federal Reserve in light of the banking crisis. Traders now are pricing in a 83% chance of a quarter-point rate hike when the Fed wraps its two-day policy meeting on Wednesday, according to CME Group’s FedWatch tool. The probability of a pause is at 16.6%.
“Risks of contagion are rising and could push the Fed to pause the current rate hiking cycle, although this is not our base case,” said Jeffrey Roach, chief economist at LPL Financial. “The Fed will likely signal they are near the end of their rate hiking campaign as recession risks increase and inflation pressures decrease.”
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Tesla — The electric vehicle maker rose 2% after Moody’s assigned it a Baa3 rating and removed its junk-rated credit. Moody’s said the upgrade reflects Tesla’s prudent financial policy and management’s operational track record.
STOCK SYMBOL: TSLA
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First Republic — The beleaguered bank jumped nearly 19% in premarket trading, following a 90% plunge so far this month as investors focused on its large amount of uninsured deposits. On Monday, CNBC’s David Faber reported JPMorgan Chase is giving advice on alternatives for First Republic.
STOCK SYMBOL: FRC
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New York Community Bancorp — The bank popped 7%, a day after surging 31.65%. The Federal Deposit Insurance Corporation has said New York Community Bancorp’s subsidiary, Flagstar Bank, will assume nearly all of Signature Bank’s deposits and some of its loan portfolios, as well as all 40 of its former branches.
STOCK SYMBOL: NYCB
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Regional banks — Regional banks were also higher on the heels of First Republic’s rise and as investors continued to digest the likelihood of expanded federal insurance. PacWest rallied 8.3%, Fifth Third Bancorp rose 3.4% and KeyCorp gained 3.3%.
STOCK SYMBOL: PACW
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UBS — U.S.-listed shares of the Swiss-based bank were up 4%, a day after gaining 3.3% following its agreement to buy Credit Suisse for $3.2 billion. Credit Suisse was essentially flat in the premarket, after plummeting 52.99% on Monday.
STOCK SYMBOL: UBS
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Harley-Davidson — The motorcycle maker climbed 3.8% after Morgan Stanley upgraded the stock to overweight from equal weight, citing Harley’s focus on the core business and a better-off consumer. The firm’s price target of $50 implies a 33.2% upside from Monday’s close.
STOCK SYMBOL: HOG
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Foot Locker — Its shares rose more than 4% after Citi upgraded the retailer to “buy” from “neutral.” Citi said the company is moving in the right direction, turning attention away from malls and the Champs brand and instead focusing on offerings related to kids, loyalty and digital.
STOCK SYMBOL: FL
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Meta Platforms — Shares of the Facebook parent climbed nearly 3% in premarket trading after Morgan Stanley upgraded Meta and said it has about 25% potential upside thanks to its Reels strategy and efficiency plans. The upgrade comes a week after Meta announced plans to layoff another 10,000 employees.
STOCK SYMBOL: META
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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?
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