Stock Futures Higher Following Bank Updates

Wall Street is looking to build off last week's wins

Deputy Editor
Mar 27, 2023 at 9:14 AM
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Stock futures are pointed higher Monday, set to build on last week's wins, with Dow Jones Industrial Average (DJI) futures up a comfortable 227 points. Regional bank stocks are higher across the board, after several positive updates out of the banking sector over the weekend.

Most recently, First Citizens Bancshares (FCNCA) agreed to purchase around $72 billion of Silicon Valley Bank (SIVB) assets, while a Bloomberg report indicated the U.S. government may be providing additional liquidity to struggling regional banks.

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

  • Our latest Market Mashup podcast unpacks the 'zero-day option' craze.  
  • How did stocks secure weekly wins last week?   
  • Plus, upgrades and downgrades to watch; DISH eyes 14-year lows. 

Futures Mar27

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 869,552 put contracts traded on Friday. The single-session equity put/call ratio fell to 0.73 and the 21-day moving average stayed at 0.79.
  2. Pinterest Inc (NYSE:PINS) is up 4.5% premarket, after an upgrade from UBS to "buy" from "neutral," with a price-target hike to $35 from $27. The social media stock sports a 13.1% lead in 2023, with support at its 200-day moving average keeping losses in check since the start of the year. 
  3. Blue-chip machinery giant Caterpillar Inc (NYSE:CAT) is down 1.2% in electronic trading, after Baird downgraded the stock to "underperform" from "neutral," with a price-target cut to $185 from $230. Year-to-date, Caterpillar stock is down 9.4%. 
  4. Dish Network Corp (NASDAQ:DISH) is off 2.5% before the bell, amid news that Dish investors who purchased the stock between Feb. 22, 2023 and Feb. 27, 2023 have filed a class-action lawsuit against the company. Should these losses hold, DISH will extend last session's 14-year low. 
  5. There is no economic data scheduled today. 

OV Buzz Chart March 27

Economic Data, Bank Buzz Overseas

Asian markets settled mostly lower on Monday, as concerns over the U.S. and European banking systems lingered. Also pressuring stocks was China’s industrial profit data, which fell 22.9% from January to February compared to the same time frame last year. Hong Kong’s Hang Seng paced the laggards with a 1.8% loss, while China’s Shanghai Composite shed 0.4%. Elsewhere, South Korea’s Kospi fell 0.2%, and Japan’s Nikkei was the sole winner with a 0.3% gain.

European markets are higher amid upbeat business sentiment in Germany, which in February saw its fifth consecutive monthly rise. Investors are also unpacking news the recent bank news. At last glance, the German DAX is 1.2 % higher, France’s CAC 40 is up 1%, and London’s FTSE 100 sports a 0.9% lead.


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