Bank Crisis Still on Investors' Minds as Economic Data Rolls In

A flood of economic data came out this morning

Deputy Editor
Mar 16, 2023 at 9:15 AM
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Stock futures are looking to extend yesterday's slide, with futures on the Dow Jones Industrial Average (DJI) down triple digits, while S&P 500 Index (SPX) and Nasdaq Composite Index (NDX) futures move lower as well. Bank crisis jitters are still prevalent on Wall Street, as investors unpack this morning's host of economic data. 

Initial jobless claims for last week fell by 20,000 to 192,000 -- below expectations of 205,000 -- while January's building permits and housing starts soared to 1.524 million and 1.45 million, respectively. The Philadelphia Federal Reserve’s manufacturing gauge is still in contract territory, coming in at -23.2. Meanwhile, U.S. import prices fell 1.1% in the past year. 

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

  • Checking in with these 2 bank stocks 
  • The latest Schaeffer's Playbook of the Week is bullish on Vipshop stock.  
  • Plus, CS looking to bounce off record lows; FIVE falls on forecast; and Baidu unveils chatbot. 

Futures Mar16

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1 million call contracts and 874,944 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.80 and the 21-day moving average stayed at 0.79.
  2. Credit Suisse Group AG (NYSE:CS) was the talk of the town yesterday, the stock weighing heavy on the bank sector. Today, however, CS is up 4.4% premarket, after the firm said said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Year-over-year, the equity is down 71.5%, with long-term overhead pressure looming at the 80-day moving average. 
  3. Five Below Inc (NASDAQ:FIVE) is down 3.1% in electronic trading, after the company posted weak annual sales and profit forecasts. The retailer's fourth-quarter earnings of $3.07 per share came in line with estimates, while revenue came in higher than anticipated. No fewer than three analysts lifted their price targets, while J.P. Morgan Securities slashed its price objective. Year-to-date, FIVE is up 12%. 
  4. China-based Baidu Inc (NASDAQ:BIDU) is off 5.7% before the bell, after the unveiling of its AI chatbot, Ernie bot, failed to impress. Year-to-date, Baidu stock is up 16.4%. 
  5. There is no more economic data of note scheduled for today. 

buzzmarch16

SNB Tailwinds Boost European Markets

Asian markets managed to recover from steeper losses on Thursday, but still settled lower amid U.S. banking sector woes. Lackluster trade data out of Japan was also in focus. Hong Kong’s Hang Seng paced the laggards with a 1.7% drop, while China’s Shanghai Composite and Japan’s Nikkei shed 1.1% and 0.8%, respectively. Elsewhere, the South Korean Kospi closed slightly below breakeven.

European markets are higher, though, after the Swiss National Bank (SNB) swooped in to ease fears around Credit Suisse. Investors are also awaiting the European Central Bank’s (ECB) interest rate decision amid persistently high inflation. At last check, France’s CAC 40 is 1.1% higher, London’s FTSE 100 is up 0.9%, and the German DAX is eyeing a 0.6% pop.

 

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