US open: Stocks trade higher as banks remain in focus

by | Mar 27, 2023

US stocks traded higher early on Monday as major indices look set to try and build on last week’s gains and put banking sector fears in the rear view mirror.
As of 1520 BST, the Dow Jones Industrial Average was up 0.70% at 32,461.78, while the S&P 500 advanced 0.56% to 3,993.26 and the Nasdaq Composite came out the gate 0.34% firmer at 11,864.21.

The Dow opened 224.25 points higher on Monday, extending gains recorded in what was a winning week that came despite heightened volatility as a result of the Federal Reserve’s latest interest rate hike and ongoing uncertainty in the banking sector both at home and abroad.

America’s banking system remained in focus at the open, with news that deposit outflows from small banks to industry giants like JPMorgan Chase and Wells Fargo had slowed in recent days drew an amount of investor attention and seemingly boosted sentiment somewhat.

News that policymakers were mulling over the idea of expanding an emergency lending program for banks, giving embattled lender First Republic more time to shore up its liquidity, was also in focus, as was word from the Federal Deposit Insurance Company that stated First Citizens Bank had agreed to buy large parts of Silicon Valley Bank – including approximately $72.0bn of SVB assets at a discount of $16.5bn.

Across the pond, Deutsche Bank, which stumbled shortly after the Swiss government forced UBS to takeover rival Credit Suisse, was also trading higher on Monday.

On the macro front, the Dallas Federal Reserve’s general business activity index slipped 5.1 points to -13.5 in February, down from a reading of -8.4 in January and the tenth straight month of contraction. The new orders index was negative for a ninth month in a row, while the production index, a key measure of state manufacturing conditions, edged down from 0.2 to -2.8 – suggesting a modest contraction in output.

Still to come, Federal Reserve economist Philip Jefferson will deliver a speech at 2100 BST.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones – Risers

International Business Machines Corporation (CDI) (IBM) $128.21 2.33%
Merck & Co. Inc. (MRK) $107.21 2.29%
American Express Co. (AXP) $163.11 2.08%
Goldman Sachs Group Inc. (GS) $318.93 2.04%
JP Morgan Chase & Co. (JPM) $127.10 1.75%
Walmart Inc. (WMT) $143.77 1.39%
Unitedhealth Group Inc. (UNH) $482.08 1.28%
Walt Disney Co. (DIS) $95.25 1.24%
Boeing Co. (BA) $199.96 1.23%
Visa Inc. (V) $223.10 0.93%

Dow Jones – Fallers

Nike Inc. (NKE) $119.64 -0.88%
Caterpillar Inc. (CAT) $216.45 -0.26%
Microsoft Corp. (MSFT) $280.32 -0.09%
Procter & Gamble Co. (PG) $146.59 -0.09%
Amgen Inc. (AMGN) $237.86 -0.07%
Dowdupont Inc. (DWDP) $0.00 0.00%
Salesforce.Com Inc. (CRM) $190.09 0.02%
Apple Inc. (AAPL) $160.49 0.15%
McDonald’s Corp. (MCD) $271.73 0.15%
3M Co. (MMM) $101.35 0.21%

S&P 500 – Risers

Comerica Inc. (CMA) $43.06 6.57%
Nektar Therapeutics (NKTR) $0.76 6.48%
Keycorp (KEY) $12.51 5.48%
International Flavors & Fragrances Inc. (IFF) $88.00 4.42%
Zions Bancorporation (ZION) $29.43 4.18%
Mattel Inc. (MAT) $16.96 4.18%
Truist Financial Corp. (TFC) $34.24 4.10%
Fifth Third Bancorp (FITB) $26.42 3.69%
Huntington Bancshares Inc. (HBAN) $11.18 3.66%
Bank of America Corp. (BAC) $28.08 3.46%

S&P 500 – Fallers

Dish Network Corp. (DISH) $8.58 -1.94%
American Tower Corp (Reit) (AMT) $195.92 -1.85%
Newmont Corporation (NEM) $47.75 -1.65%
Sba Communications Corp. (SBAC) $253.39 -1.18%
Nordstrom Inc. (JWN) $15.23 -1.10%
Crown Castle International (CCI) $128.25 -0.93%
Nike Inc. (NKE) $119.64 -0.88%
Pfizer Inc. (PFE) $40.07 -0.79%
Digital Realty Trust (DLR) $93.63 -0.78%
Ball Corp (BALL) $52.59 -0.72%

Nasdaq 100 – Risers

Qurate Retail Inc. (QRTEA) $0.88 4.34%
Tesla Inc (TSLA) $196.16 3.02%
Sirius XM Holdings Inc (SIRI) $3.86 2.39%
Hasbro Inc (HAS) $50.16 2.29%
Netflix Inc. (NFLX) $333.86 1.66%
Expedia Group Inc. (EXPE) $92.01 1.62%
Booking Holdings Inc. (BKNG) $2,535.78 1.46%
Lam Research Corp. (LRCX) $509.32 1.45%
Asml Holdings N.V. (ASML) $656.46 1.38%
Kraft Heinz Co. (KHC) $38.69 1.32%

Nasdaq 100 – Fallers

Baidu Inc. (BIDU) $150.95 -3.40%
JD.com, Inc. (JD) $39.48 -2.01%
Dish Network Corp. (DISH) $8.58 -1.94%
NetEase Inc. Ads (NTES) $87.88 -1.70%
Alphabet Inc. Class A (GOOGL) $104.71 -0.69%
Vertex Pharmaceuticals Inc. (VRTX) $312.25 -0.68%
Alphabet Inc. Class C (GOOG) $105.37 -0.65%
Take-Two Interactive Software Inc. (TTWO) $117.43 -0.58%
Texas Instruments Inc (TXN) $178.56 -0.53%
Workday, Inc. (WDAY) $189.68 -0.39%

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