Renewed Bank Jitters Drag Dow 330 Points

Meanwhile, durable goods orders fell 1% in February

Laura McCandless

Deputy Editor

Mar 24, 2023 at 9:15 AM

DB
SPX
NDX
DJIA

Futures on the Dow Jones Industrial Average (DJI) are down 331 points this morning, as Deutsche Bank's (DB) sharp drop reignites sector concerns, after the firm's credit default swaps spiked. S&P 500 Index (SPX) and Nasdaq Composite Index (NDX) futures are firmly lower as well. Meanwhile, durable goods orders fell 1% in February, compared to an estimated 0.3% drop. For the week, all three indexes are pacing toward notable wins.

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

3 stocks that staged big swings yesterday.
How to sell options in today's market.
Plus, Scholastic's revenue disappoints; INCY drops on FDA rejection; and SQ looks to extend its fall.

Futures Mar24

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 933,443 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.77 and the 21-day moving average stayed at 0.79.
Scholastic Corp (NASDAQ:SCHL) is down 11.7% premarket, after the company posted a drop in revenue for its fiscal third quarter, and a disappointing annual forecast. Heading into today, SCHL is up 4.7% year-to-date.
Incyte Corporation (NASDAQ:INCY) is down 3.3% before the bell. The U.S. Food and Drug Administration (FDA) rejected the pharmaceutical name's extended-release version its blockbuster cancer drug, Jakafi. Year-to-date, INCY is down 10%.
Block Inc (NYSE:SQ) is looking to extend yesterday's Hindenburg-induced bear gap, following a downgrade from Atlantic Equities to "neutral" from "overweight," though BofA Global Research stated the shares are "overreacting" to the short seller report. Year-over-year, SQ is down 54.3%.
Today will bring the S&P Global U.S. services and manufacturing purchasing managers' indexes (PMI).

Stocks Lower in Asia, Europe

Asian markets settled lower on Friday, as investors continued to scrutinize the U.S. banking system and the possibility of federal support. Hong Kong’s Hang Seng shed 0.7%, while China’s Shanghai Composite lost 0.6%. Meanwhile, South Korea’s Kospi fell 0.4%, and Japan’s Nikkei finished 0.1% lower.

European markets are also lower on the heels of this week’s interest rate hikes and lingering bank sector fears, especially amid rising credit default swaps for DB. In other news, the latest S&P composite PMI showed Euro zone economic growth surged to a 10-month high this month. At last glance, the German DAX is down 2.4 %, France’s CAC 40 is 2.3% lower, and London’s FTSE 100 carries a 1.9% deficit.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?