Stock Futures Enjoy Gains Amid Credit Suisse Takeover

Dow futures are up triple digits this morning

Deputy Editor
Mar 20, 2023 at 9:17 AM
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Stock futures are swimming higher this morning, as investors keep an eye on the crisis surrounding the banking sector. Over the weekend, UBS (UBS) agreed to acquire Credit Suisse (CS) for $3.2 billion in a forced takeover. Futures on the Dow Jones Industrial Average (DJI) are up 116 points at last glance, while S&P 500 Index (SPX) and Nasdaq Composite Index (NDX) settle into the black as well. 

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

  • Why now is the time to trade straddles.
  • Understanding rate hikes and options trading.
  • Plus, solar stock upgraded; NCLH's CEO buzz; and checking in with UBS. 

futures Mar20

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts and more than 1 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.65 and the 21-day moving average stayed at 0.79.
  2. Shares of Enphase Energy Inc (NASDAQ:ENPH) are up 1.5% before the bell, after an upgrade from Raymond James to "outperform" from "market perform." The firm cited the company's European expansion, and set its price target to $225. Looking to bounce off Friday's 8.7% drop, the equity is down 30.7% year-to-date. 
  3. The CEO of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), Frank J. Del Rio, is stepping down, to be replaced by Harry Sommer. NCLH is flat in electronic trading, up 0.2% at last glance. Coming into today, the stock is hanging on to a 2.7% year-to-date lead. 
  4. UBS Group AG (NYSE:UBS) has reversed its early premarket gains, down 0.3% at last glance. The bank stock is in the spotlight after its aforementioned Credit Suisse acquisition, and is down 31% since the start of the month amid the bank debacle. 
  5. There is no notable economic data scheduled for today.  


Banks Still in Focus Overseas as Well

Markets in Asia finished sharply lower on Monday, after the release of a handful of economic data and news of UBS’ buyout of Credit Suisse. China’s one- and five-year loan prime rates of 3.65% and 4.3%, respectively, remained unchanged. In response, the region’s Shanghai Composite shed 0.5%. Hong Kong’s Hang Seng was the biggest loser dropping 2.7%, while Japan’s Nikkei backpedaled 1.4%, and South Korea’s Kospi fell 0.7%.

Banks are also responding to Credit Suisse’s takeover in Europe, with the sector down around 1%. Bond yields are lower in response, but the broader indexes are maintaining modest gains. At last check, London’s FTSE 100 is up 0.2%, France’s CAC 40 has added 0.6%, and Germany’s DAX is up 0.4%.


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