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US open: Stocks mostly higher as banks remain in focus

By Iain Gilbert

Date: Monday 20 Mar 2023

US open: Stocks mostly higher as banks remain in focus

(Sharecast News) - Wall Street stocks were mostly higher early on Monday as the current state of the global banking system remained firmly in focus.
As of 1610 GMT, the Dow Jones Industrial Average was up 0.58% at 32,046.50, while the S&P 500 advanced 0.19 to 3,924.23 and the Nasdaq Composite came out the gate 0.44% lower at 11,579.22.

The Dow opened 184.52 points higher on Monday, taking a bite out of losses recorded in the previous session as the banking sector weighed on major indices.

Banks continued to drive markets at the open on Monday after the Swiss government engineered a forced CHF 3.0bn (£2.64bn) takeover of Credit Suisse by UBS, yet another attempt by policymakers to stop a crisis threatening the banking sector.

Regional banks were still drawing an amount of investor attention amid calls to shore up their deposit bases following the shuttering of Silicon Valley Bank earlier in March, with analysts expecting that more actions will likely be needed if the Federal Reserve can restore confidence in the banking system after it backstopped SVB's uninsured deposits and offered new funding for troubled banks.

First Republic shares traded sharply lower in early trade after shedding a whopping 72% in the previous week, with further losses coming even as a consortium of banks vowed to deposit $30.0bn with the struggling San Francisco lender or at least 120 days.

Oil prices were trending lower after the opening bell, with Brent crude down 0.7% at $72.47 a barrel and West Texas Intermediate changing hands 1.45% softer at $65.75 per barrel, while the two and ten-year Treasury yields hit to their lowest levels in six months - 3.635% and 3.291%, respectively.

In terms of earnings, Foot Locker smashed fourth-quarter earnings estimates of $0.51 with its $0.97 per share performance, while revenues came to $8.76bn - at the top end of consensus.

Also in corporate headlines, Amazon revealed it will lay off 9,000 more employees, according to CEO Andy Jassy, on top of previously announced layoffs that affected more than 18,000 employees.

No major data points were scheduled for release on Monday.







Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $220.57 2.59%
Goldman Sachs Group Inc. (GS) $310.80 2.39%
Dow Chemical Co. (DOW) $51.14 2.24%
Verizon Communications Inc. (VZ) $37.60 2.19%
Travelers Company Inc. (TRV) $168.63 2.18%
Merck & Co. Inc. (MRK) $106.07 1.89%
JP Morgan Chase & Co. (JPM) $127.70 1.50%
American Express Co. (AXP) $158.83 1.48%
Chevron Corp. (CVX) $154.54 1.44%
Unitedhealth Group Inc. (UNH) $475.95 1.37%

Dow Jones - Fallers

Intel Corp. (INTC) $28.79 -3.42%
Microsoft Corp. (MSFT) $271.10 -2.98%
Salesforce.Com Inc. (CRM) $184.11 -0.40%
Dowdupont Inc. (DWDP) $0.00 0.00%
Home Depot Inc. (HD) $289.08 0.24%
Coca-Cola Co. (KO) $60.23 0.34%
Walmart Inc. (WMT) $139.89 0.35%
Walgreens Boots Alliance, Inc. (WBA) $33.07 0.49%
Johnson & Johnson (JNJ) $153.18 0.53%
Nike Inc. (NKE) $121.20 0.67%

S&P 500 - Risers

Fifth Third Bancorp (FITB) $26.87 7.70%
NRG Energy Inc. (NRG) $33.88 7.64%
US Bancorp (USB) $35.26 7.00%
Lincoln National Corp. (LNC) $21.66 6.70%
Unum Group (UNM) $39.02 6.47%
Brighthouse Financial, Inc. (BHF) $43.19 6.21%
Packaging Corp. Amer (PKG) $133.53 4.88%
PNC Financial Services Group (PNC) $129.75 4.87%
Westrock Company (WRK) $28.36 4.78%
Citizens Financial Group, Inc. (CFG) $32.31 4.71%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $0.92 -5.82%
Advanced Micro Devices Inc. (AMD) $94.06 -3.86%
Intel Corp. (INTC) $28.79 -3.42%
Microsoft Corp. (MSFT) $271.10 -2.98%
Amazon.Com Inc. (AMZN) $96.80 -2.17%
Illumina Inc. (ILMN) $220.04 -2.01%
United Parcel Service Inc. (UPS) $183.04 -2.01%
Macy's Inc. (M) $18.54 -1.80%
Foot Locker Inc. (FL) $41.53 -1.73%
Norwegian Cruise Line Holdings Ltd (NCLH) $12.39 -1.55%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.94 5.65%
Vodafone Group Plc ADS (VOD) $11.31 3.29%
Baidu Inc. (BIDU) $151.53 3.19%
Liberty Global plc Series C (LBTYK) $20.14 2.99%
eBay Inc. (EBAY) $43.11 2.49%
Hasbro Inc (HAS) $49.18 2.46%
Dollar Tree Inc (DLTR) $140.49 2.44%
Marriott International - Class A (MAR) $162.59 2.40%
Liberty Global plc Series A (LBTYA) $19.33 2.28%
Fiserv Inc. (FISV) $110.58 2.23%

Nasdaq 100 - Fallers

Intel Corp. (INTC) $28.79 -3.42%
Microsoft Corp. (MSFT) $271.10 -2.98%
Amazon.Com Inc. (AMZN) $96.80 -2.17%
Mercadolibre Inc. (MELI) $1,176.64 -2.04%
Illumina Inc. (ILMN) $220.04 -2.01%
Align Technology Inc. (ALGN) $316.20 -1.46%
DENTSPLY Sirona Inc. (XRAY) $36.53 -0.95%
Trip.com Group Limited (TCOM) $36.36 -0.79%
Intuit Inc. (INTU) $410.49 -0.77%
Nvidia Corp. (NVDA) $255.38 -0.73%

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