Wall Street Posts Steep Losses Ahead of Jobs Report

Oil prices fell for a third-straight session

Deputy Editor
Mar 9, 2023 at 4:26 PM
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Stocks reversed their midday gains in a big way Thursday, as the bank sector took a hit from Silvergate Capital (SI) and SVB Financial Group's (SIVB) respective plunges. The Dow shed more than 540 points, as investors continued to digest Fed comments ahead of tomorrow's highly-anticipated jobs report. The Nasdaq also locked in a triple-digit loss, while the S&P 500 settled squarely in the red as well. The Cboe Volatility Index (VIX), otherwise known as Wall Street's "fear gauge," settled at its highest level since Feb. 21.

Continue reading for more on today's market, including:

  • Why this restaurant stock could pop within the month.
  • MongoDB's upbeat quarterly results were offset by weak guidance.
  • Plus, hotel stock's bull note; Silvergate Capital's liquidation; and next week's inflation data.

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5 Things to Know Today 

  1. U.S. President Joe Biden's budget proposal would expand the monthly insulin prices to those with private insurance.  (CNBC)
  2. A look at several bank names in the wake of SVB Financial Group's major move. (Marketwatch
  3. Why Hilton Hotels stock was upgraded.
  4. Jermal Chandler of tastylive is back in the latest Schaeffer's Market Mashup.  
  5. Inflation data and earnings on tap next week.

Earnings March 92023

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Oil Futures Fall for Third-Straight Session

Oil futures fell for a third-straight session, just ahead of tomorrow's nonfarm payrolls report. In addition, black gold continues to be weighed down by the possibility of more interest rate hikes. April-dated crude dropped 94 cents, or 1.2%, to close at $75.72 per barrel.

Gold prices, meanwhile, pared some losses stemming from the Federal Reserve's latest remarks. Specifically, April-dated gold added $16, or about 0.9%, to close at $1,834.60 per ounce.

 

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