Afternoon Note
It’s been a real slog today, as markets never took the bait from the higher initial jobless claims. The big drag are Financials, which are being pulled down by regional banks and those associated with cryptocurrency.
It’s unlikely there would be a serious contagion effect from another failed exchange but take a look at the largest decliners on the S&P 500 today.
Northern Trust Corp. |
XLF |
-4.26 |
-4.62% |
Bank of America Corp. |
XLF |
-1.56 |
-4.78% |
KeyCorp |
XLF |
-0.85 |
-4.88% |
Comerica Inc. |
XLF |
-4.32 |
-6.42% |
The Charles Schwab Corp. |
XLF |
-5.33 |
-6.99% |
Zions Bancorporation NA |
XLF |
-3.86 |
-8.27% |
Signature Bank (New York New York) |
XLF |
-8.81 |
-8.52% |
First Republic Bank (San Francisco California) |
XLF |
-17.44 |
-15.17% |
SVB Financial Group |
XLF |
-123.25 |
-46.02% |
This is ugly.
Meanwhile, we are bracing for those jobs numbers and all the assumptions about the consumer. But the big splurge in January is over, and while services remain high, in part to inflated prices, this is more evidence the consumer is pulling back.
Tweet |
3/31/2023 1:37 PM | Leaving the Station |
3/31/2023 9:37 AM | BRACING FOR INFLATION |
3/30/2023 1:54 PM | Losing Some Steam |
3/30/2023 9:36 AM | A FUNNY WAY OF BEING AFRAID |
3/29/2023 1:37 PM | Bottom Fishers |
3/29/2023 9:41 AM | TOO CALM AND COMPLACENT? |
3/28/2023 1:31 PM | No Fireworks |
3/28/2023 9:47 AM | TIME MACHINE RALLY |
3/27/2023 1:34 PM | Holding Pattern |
3/27/2023 9:59 AM | SUDDENLY, BULLISH IS WHERE IT’S AT |
3/24/2023 1:25 PM | Magical |
3/24/2023 10:14 AM | YELLEN’S TWO-STEP TRIPS UP THE MARKET |
3/23/2023 1:14 PM | Embarrassing Snafu |
3/23/2023 9:37 AM | GOVERNMENT OFFICIALS PROTESTING TOO MUCH |
3/22/2023 1:23 PM | All Quiet |
3/22/2023 9:42 AM | THE MOMENT OF TRUTH #1,309 |
3/21/2023 1:12 PM | Lots of Questions |
3/21/2023 9:49 AM | WHAT’S INSIDE POWELL’S CRYSTAL BALL? |
3/20/2023 1:58 PM | All Over the Place |
3/20/2023 9:36 AM | FED COUNTDOWN BEGINS |
3/17/2023 1:45 PM | Banks Remain Vulnerable |
3/17/2023 9:54 AM | FED VS THE FED (IT’S COMPLICATED) |
3/16/2023 1:27 PM | Another Crazy Day |
3/16/2023 9:53 AM | THRILL RIDE |
3/15/2023 1:43 PM | Economic Data Overshadowed |
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