The Dow is heading for its second-straight weekly loss
This week really encapsulated the phrase "Beware the Ides of March." The bank sector weighed on Wall Street, following the collapse of SVB Financial Group (SIVB), which spiked volatility right off the bat. A subsequent rally was cut short, after the Dow Jones Industrial Average (DJI) resumed its selloff following concerns around Credit Suisse's (CS) future. Though Thursday saw Wall Street mount another comeback, by Friday the Dow was on track for a second-straight weekly loss, though the S&P 500 (SPX) and Nasdaq (IXIC) were both pacing for weekly wins.
SVB's Ripple Effect
The implosion of SVB Financial Group resulted in a ripple effect that extended to the streaming and solar sectors. Unsurprisingly, banks were unable to escape the tumult, though a few notable names pared some of the losses before options bears took advantage of the situation. Most notably, it looks as though First Republic Bank (FRC) and Credit Suisse (CS) have a tough road ahead.
FedEx Stock Surges on Beat-and-Raise
A few notable names stepped into the earnings confessional this week, highlighted by a stellar report from FedEx (FDX) that included an earnings beat and raised 2023 earnings outlook. Call traders were also excited about Dollar General's (DG) report, even after the discount retailer posted a same-store sales miss. Elsewhere, Lennar (LEN) rallied after a big quarterly win, while Gitlab (GTLB) issued a dismal forecast that weighed on the company's shares.
Blue-Chip Earnings Coming Up
Blue-chip earnings are on deck next week, though the economic data slate is relatively bare. Meanwhile, take a look at the technical crossroads looming for the SPX, per Schaeffer's Senior V.P. of Research Todd Salamone. Plus, how options traders played last week's selloff, according to Schaeffer's Senior Quantitative Analyst Rocky White.