Wall Street Looks to Wrap Up Shaky Week With Losses

Investors continued looking for signs from the Federal Reserve

Deputy Editor
Mar 10, 2023 at 1:38 PM
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After a stellar start to the month, Wall Street took a step back during the first full week of March. The three major indexes are pacing for weekly losses, though they've seen a lot of back and forth during Friday's session following an upbeat employment reading. Stocks were weighed down in the latter half of the week by remarks from Federal Reserve Chairman Jerome Powell, while Thursday's jobless claims data also sparked fears that the economy may be slowing down.

More Earnings Reports to Unpack

Earnings season is beginning to wind down, but the week featured plenty of prominent names. Dick's Sporting Goods (DKS) saw its shares hit a record high after reporting better-than-expected quarterly results. E-signature service provider DocuSign (DOCU) reported a better-than-expected quarterly report, while subscription e-tailer Stitch Fix (SFIX) turned in a wider-than-expected quarterly loss and revenue miss. Elsewhere, tech concerns Sea (SE) and MongoDB (MDB) chimed in with results, and the former reported its first-ever quarterly profit.

Silvergate Winds Down Operations

Silvergate Capital's (SI) implosion was a huge story this week, as the crypto lender announced plans to wind down operations and liquidate its bank following questions surrounding its viability. The company formerly known as Weight Watchers acquired telehealth provider Sequence, entering into the prescription drug weight loss business. Facebook-parent Meta Platforms (META) announced plans to cut even more jobs, while Altria (MO) exited its investment with Juul in favor of a new e-cigarette startup.




Jobs Data Looms Next Week

A handful of earnings and economic data are due out the first full week of March. In the meantime, get a glimpse of the market outlook,courtesy of Schaeffer's Senior V.P. of Research Todd Salamone; plus, the volatility that could be just around the corner, according to Schaeffer's Senior Quantitative Analyst Rocky White. 


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