Monday March 20, 2023

// March 20th, 2023 // Comments Off on Monday March 20, 2023 // Daily News

MARKETS

First Republic shares slide 18% Monday after a credit rating downgrade

Shares of First Republic Bank, which have become the barometer of the regional bank crisis, slid once again Monday after Standard & Poor’s cut the credit rating of the San Francisco-based institution.

S&P reduced its credit rating to B+ from BB+ on Sunday after first lowering it to junk status just last week. The rating remains on CreditWatch Negative, said S&P.

Thursday February 16, 2023

// February 16th, 2023 // Comments Off on Thursday February 16, 2023 // Daily News

Stock futures slip Thursday as traders digest earnings, latest data

Sarah

The full effect of the Fed’s rate hikes not being appreciated by the market, says Solus’ Dan Greenhaus

Stock futures were little changed Thursday as traders assess retail sales data that pointed to a strong U.S. economy.

Futures linked to the Dow Jones Industrial Average shed 96 points, or 0.27%. S&P 500 futures dipped 0.42% and Nasdaq-100 futures fell 0.50%. Earnings beats sent some shares higher – Roku surged 12% in premarket trading, Cisco added more than 3% and Hasbro ticked 1% higher.

Stocks closed slightly higher Wednesday even after a stronger-than-expected January retail sales report suggested the Federal Reserve may have further to go in its efforts to tame inflation. The Dow Jones Industrial Average rose 38.78 points, or 0.11%, and the S&P 500 climbed 0.28%. Meanwhile, the Nasdaq Composite notched its third straight day of gains, rising 0.92%.

For some market observers, that suggested stocks could have more room to run from here — even after their strong start to the year.

“It looks like this rally does have some legs, and you can’t fight some of the tape right now,” Victoria Greene, chief investment officer at G Squared Private Wealth, said Wednesday on CNBC’s “Closing Bell: Overtime.”

“The Fed is saying that they’re going to be hawkish, but the technicals are saying this rally is in, and I really don’t think we’re going to retest those October lows anymore, because we’ve hit some really important technical supports,” Greene said.

Wall Street is expecting further economic insight from a slew of reports Thursday. For starters, another inflation gauge will be out in the morning, the January producer price index. Dow Jones estimates are calling for a rise of 0.4%, compared to December’s decline of 0.5%.

Weekly jobless claims data, as well as January’s housing starts report, are also due Thursday.