Bank Stock Slide Drags Dow Futures 200 Points

The bank sector bounced over the weekend after the U.S. government stepped in

Deputy Editor
Mar 13, 2023 at 9:18 AM
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Bank stocks continue to weigh on the market after SVB Financial Group's (SIVB) collapse. The bank sector got a boost this weekend after U.S. regulators announced plans to ensure depositors have access to their SVB funds today, however, the bounce appears to have been short-lived.

Futures on the Dow Jones Industrial Average (DJIA) are down 203 points ahead of the open, while S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) futures sit more modestly in the red. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) is continuing to soar, last seen up 5 basis points. 

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

  • Checking in with the Cryptoverse
  • A short recap of last week on Wall Street. 
  • Plus, SGEN soars on buyout; and Citigroup chimes in on 2 stocks. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and more than 1.3 million put contracts traded on Friday. The single-session equity put/call ratio rose to 1.11 and the 21-day moving average jumped to 0.79.
  2. The shares of Seagen Inc (NASDAQ:SGEN) are up 17.3% premarket, after news that Pfizer (PFE) will acquire the company for roughly $43 billion, boosting its access to cancer drugs. Heading into today, SGEN is up 34.3% year-to-date. 
  3. Charles Schwab Corporation (NYSE:SCHW) is down 10.2% in electronic trading, as bank stocks continue their fall, despite an upgrade from Citigroup to "buy" from "neutral." The firm sees a "compelling" risk-reward ratio for SCHW after the past couple days. The stock is down 29.5% since the start of 2023. 
  4. Citigroup also downgraded Petco Health and Wellness Company Inc (NASDAQ:WOOF) to "neutral" from "buy," with a price-target cut to $11 from $15. On the charts, WOOF is fresh off its fifth-straight week of losses. The shares are down 2% before the bell. 
  5. There is no economic data of note scheduled today. 

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HSBC to Buy British Leg of SVB

Asian markets settled most higher on Monday, after U.S. regulators announced their backstop plans for SVB Financial depositors. Hong Kong’s Hang Seng and China’s Shanghai Composite added 2% and 1.2%, respectively, while South Korea’s Kospi rose 0.7%. Elsewhere, Japan’s Nikkei settled with a 1.1% loss.

Despite HSBC stepping in to buy the British leg of SVB for $1.21, European markets are still lower as bank stocks take a beating. At last check, the German DAX is 2.3% lower, France’s CAC 40 is off 2.2%, and London’s FTSE 100 is down 1.9%.

 

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