After the boom of regional banks, the stock market was trading fast on Thursday morning. Big Tech and Nasdaq Composite pared early losses, traded higher, while small caps reduced early losses. Regional bank stocks are back on the hot seat.
X
CME Fedwatch Tool It is now expected that there is a 76% chance of a 25-basis-point rate hike at the March meeting. About 24% expect no change in rates.
NYSE and Nasdaq volumes were lower than at the same time on Wednesday.
The Dow Jones Industrial Average added 0.2% and the S&P 500 added 0.5%. The Nasdaq Composite moved solidly into positive territory.
The Russell 2000 was trading 0.6% higher after losing more than 1% early on Thursday. The 15% regional bank component had a weighting on the small-cap index.
The Dow and S&P 500 remain below their 50- and 200-day moving averages, while the Nasdaq reclaimed the 200-day line but found resistance at the 50-day line.
Tech-Heavy Nasdaq 100-Tracking Invesco QQQ Trust ETF (QQQ) added 0.4%. Innovator IBD 50 ETF (ffty) fell 0.2%.
The 10-year US Treasury yield fell 11 basis points to 3.38%.
economic data
Crude oil jumped up to $67.90 per barrel. Bitcoin futures rose 2% to $25,010.
European stock markets rose, with the German DAX adding 0.8% and the Paris CAC 1.2%. The London FTSE rose 0.5% in afternoon trade.
european central bank increased interest rates by 50 basis pointsTaking the key rate to 3% as expected.
Initial jobless claims for the week ending March 11 came in at 192,000 versus Econoday’s 205,000 consensus, and were down from last week’s revised 212,000. Data shows continued strength in the jobs market.
Warren Buffett Buys More OXY; first republic stock plunged
Warren Buffett’s Berkshire Hathaway ,BRKB) bought over 7.88 million shares of Occidental Petroleum ,oxy), which is worth about $467 million. OXY climbed 0.3% on the news.
pagerduty ,P.D.) popped more than 15% after reporting beats on the Q4 top and bottom line.
adobe ,adbe) rose 3.8% after reporting better-than-expected February-ended quarterly earnings and sales. It also raised full-year revenue guidance on Wednesday, following Bell.
Quarterly EPS increased 13%, while sales were up 9%, driven by a 9% increase in digital media revenue and an 11% increase in sales for its digital experiences business segment. Analysts forecast 12% annual EPS growth in fiscal 2023 and 14% in 2024.
credit Suisse ,C) after agreeing and fell 1.4% loans up to approximately $54 billion From the Swiss National Bank, keeping the bank afloat.
First Republic Bank ,FRC) fell over 34% bloomberg news The failed bank is exploring strategic options, including a possible sale of the firm.
Western Alliance Bank ,wall) fell over 14% after the credit rating agency put the loan and deposit rating of the troubled bank on negative watch.
SPDR Select Regional Banks ETF (kre) fell 3.5% as the sector witnessed more pressure. SPDR Select Financial (xlf) ETF fell 2.2%.
Stock Market Today: Sports Retailer Break Out
Facebook and Instagram Guardian meta platform ,meta) rose 0.5%. Shares spiked on news of possible US and UK sanctions on Chinese social media competitor TikTok.
Shares broke down on Wednesday, reaching a flat base of 197.26 buy points. The relative strength line has reached a 52-week high, as indicated by the blue dot on the weekly MarketSmith chart. social media stock is a ibd swingtrader Post.
Parent of social media site Snapchat crackle ,crackle) The stock market rose 3% on Thursday on Tiktok news.
Academy Sports & Outdoors ,aso) gapped up before pulling back, now rising 1.7%. Shares broke flat ground, touching a buy point of 63.99 after Academy reported better than expected Q4 EPS and missed sales estimates.
Management delivered the full-year net sales number that exceeded analysts’ expectations. The sporting goods retail stock’s relative strength line extended to a 52-week high on the weekly chart.
five down ,five) fell 4.6% after reporting better than expected Q4 sales but gave lower Q1 EPS guidance.
Follow Kimberley Koenig on Twitter for more stock news @IBD_KKoenig,
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