Dow Futures Surge as Bank Stocks Rebound

The consumer price index (CPI) rose 0.4% in February

Deputy Editor
Mar 14, 2023 at 9:13 AM
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Futures on the Dow Jones Industrial Average (DJIA) are up 231 points ahead of the open, following the blue-chip index's fifth-straight day of losses, while S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) futures sit comfortably higher as well. Several bank stocks are staging a rebound, with First Republic Bank (FRC) up roughly 60% at last glance, after the rout caused by SVB Financial Group (SIVB).

Investors are also unpacking inflation data this morning. The consumer price index (CPI) rose 0.4% in February, marking a 6% year-over-year increase -- both of which were in line with analyst estimates. 

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

  • Senior V.P. of Research Todd Salamone notes technical crossroads looming for the S&P 500. 
  • Put traders have been targeting this solar name
  • Plus, UAL drops on dismal forecast; MTCH upgraded; and UBER enjoys regulatory tailwinds. 

Futures Mar14

4 Things You Need to Know Today

  1. The shares of United Airlines Holdings Inc (NASDAQ:UAL) are down 5.4% premarket, after the company's disappointing first-quarter forecast. The airline cited weaker demand growth as well as rising costs, but is optimistic for its second quarter. On track for its fourth-straight daily loss, UAL is up 29.5% year-to-date. 
  2. Barclays upgraded Match Group Inc (NASDAQ:MTCH) to "overweight" from "equal weight," noting that it's become a "value" stock. The shares are looking to bounce off Monday's four-year lows, up 3.5% before the bell. 
  3. Uber Technologies Inc (NYSE:UBER) is up 5.8% in electronic trading, after a California appeals court said ride-share companies can continue to treat their drivers as independent contractors. Year-to-date, the equity is up 24.6%. 
  4. Today will bring consumer price index (CPI) and real hourly earnings.


European Markets on the Rise

Asian markets settled sharply lower on Tuesday, mirroring overnight stateside losses despite U.S. regulators rushing to aid the banking system. South Korea’s Kospi paced the laggards with a 2.6% loss, after shares of multiple financial institutions in the area pulled back. Meanwhile, Hong Kong’s Hang Seng shed 2.3%, and the Nikkei in Japan was 2.2% lower after the shares of Softbank Group plummeted. Rounding out the region, China’s Shanghai Composite lost 0.7%.

European markets are higher, as investors attempt to brush off bank sector woes and wait for the latest U.S. inflation data. At last check, the German DAX is sporting a 0.9% lead, France’s CAC 40 is up 0.6%, and London’s FTSE 100 is 0.1 % higher.


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