Dow Futures Down 600 Points as Bank Stocks Resume Fall

There is plenty of economic data out this morning as well

Deputy Editor
Mar 15, 2023 at 9:17 AM
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Dow Jones Industrial Average (DJI) futures are plummeting ahead of the open, down more than 600 points, while futures on the S&P 500 Index (SPX) and Nasdaq Composite Index (NDX) sit firmly lower as well. The financial sector is extending its steep slide, this time led by Credit Suisse (CS), after Reuters said the firm's largest investor, Saudi National Bank, wouldn't provide any more funding. 

Meanwhile, U.S. retail sales fell 0.4% in February, while the Empire State Manufacturing report fell to negative 24.6 in March from the previous month's negative 5.8. The producer price index (PPI) dropped a narrower-than-expected 0.1%, while the core PPI rose 0.2%. 

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

  • Senior Quantitative Analyst Rocky White breaks down last week's options activity
  • Nucor stock pulled back to a historically bullish trendline. 
  • Plus, LEN's quarterly blowout; Royal Caribbean's latest snafu; and an airline eyeing its 5th-straight drop.

Futures Mar15

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and 873,560 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.75 and the 21-day moving average stayed at 0.79.
  2. Lennar Corp (NYSE:LEN) is down 1% premarket, reversing its earlier gains after the company's fiscal first-quarter results beat top- and bottom-line estimates. Heading into today, the equity is up 11.3% year-to-date. 
  3. Royal Caribbean Cruises Ltd (NYSE:RCL) is down 3.2% in electronic trading. The company had to refund its guests after mistakenly offering a nonexistent "Premier Pass" on its website, amid news that it will expand its sales team. Though travel stocks have had a tough week, RCL is still up 30.6% since the start of 2023. 
  4. United Airlines Holdings Inc (NASDAQ:UAL) is looking to extend yesterday's 5.4% drop, down 2.1% before the bell. On track for its fifth-straight daily loss, the company's disappointing first-quarter guidance is still on investors' minds. Year-to-date, the equity is still up 22.6%. 
  5. Today will also bring retail sales and the homebuilders survey. 


Asian Markets Finish Higher Despite Dismal Data

Asian markets settled higher on Wednesday, following overnight gains on Wall Street. Investors also brushed off disappointing industrial production data out of China, while retail sales growth was in line with expectations. In other news, the People’s Bank of China (PBoC) maintained medium-term lending facility loan rates at 2.75%. Hong Kong’s Hang Seng led the gainers with a 1.5% rise, followed by a 1.3% pop for the South Korean Kospi. Elsewhere, China’s Shanghai Composite added 0.6%, while the Nikkei in Japan finished with a 0.03% gain.

Meanwhile, European markets are sinking on the Credit Suisse news, which is dragging bank and retail stocks lower. U.K. Finance Minister Jeremy Hunt is also expected to announce pension and childcare reforms later today. At last check, France’s CAC 40 is down 3.4%, and the German DAX and London’s FTSE 100 are down 2.8% and 2.6%, respectively.



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