Stock Futures Rise as Banks Continue to Bounce Back

Jobless claims came in at 198,000 for last week

Deputy Editor

Mar 30, 2023 at 9:17 AM

Stock futures are looking to extend yesterday's gains, as optimism regarding the bank sector's recovery continues. Futures on the Dow Jones Industrial Average (DJI) are up 213 points ahead of the open, while Nasdaq Composite Index (SPX) and S&P 500 Index (SPX) futures sit firmly higher as well. Meanwhile, initial jobless claims rose by 7,000 to a higher-than-anticipated 198,000.

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

Several options strategies for today's market climate.
Take a look at what's scheduled for the first week of April.
Plus, RH dropping after earnings; SCHW downgraded; and analyst sees entry point for FLNC.

Futures Mar30

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw over 1.1 million call contracts and 734,577 put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.64 and the 21-day moving average dropped to 0.78.
RH (NYSE:RH) is down 6.4% premarket, after the company's fiscal fourth-quarter results miss and disappointing current-quarter and full-year forecast. No fewer than seven analysts slashed their price targets after the event. Heading into today, the stock is down 8% year-to-date.
Morgan Stanley downgraded Charles Schwab Corporation (NYSE:SCHW) to "equal weight" from "overweight," citing an "extended earnings recovery timeline." SCHW is down 1.3% before the bell, and looking to add to its 33.7% year-to-date deficit.
Fluence Energy Inc (NASDAQ:FLNC) is up 8.7% in electronic trading, after Goldman Sachs upgraded the stock to "buy" from "neutral," seeing an attractive entry point after the stock's recent pullback, while Susquehanna initiated coverage with a "neutral." FLNC is down 5.2% since the start of the year.
A second revision to GDP is on tap today.

Bank Sector Tailwinds Overseas

Asian markets settled mostly higher on Thursday, mirroring Wall Street’s overnight gains in the face of a bank and tech sector rally. China’s Shanghai Composite added 0.7%, while Hong Kong’s Hang Seng rose 0.6%. Elsewhere, South Korea’s Kospi scored a 0.4% pop, while Japan’s Nikkei shed 0.4%.

European markets are also enjoying tailwinds, with the European Union’s (EU) Single Resolution Board Chair Dominique Laboureix expressing confidence in the region’s banking system. The retail sector is also boasting oversized gains after a strong quarter for H&M. At last check, France’s CAC 40 is up 1.3%, the German DAX is 1.2% higher, and London’s FTSE 100 sports a 0.9% lead.

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