Afternoon Note
By Karina Hernandez, Senior Research Analyst
3/16/2023 1:27 PM
The market reversed earlier losses follow a report from The Wall Street Journal (WSJ) on deal talks for First Republic Bank (FRC). According to the WSJ, Wall Street banks, including JPMorgan (JPM) and Morgan Stanley (MS) are actively discussing a potential deal with First Republic Bank (FRC) – including a takeover. The news has sent FRC reversing course from down 30% today to now up over 20%.
Investors are also digesting the European Central Bank’s (ECB) 50 basis point rate hike, following a 50bps hike in February. The ECB is giving the Fed some cover to give us one more symbolic hike that can express their confidence in the commitment to tame inflation and the US banking system.
The latest CME Fedwatch shows an 83.4% probability of a 25bps hike by the Fed next week.
Impressive move in the S&P 500, which now is testing key resistance level of 3,971.
Semiconductors are catching a bid again today, helping Technology gain more than 1.5%.
The market is exhibiting great action after a tumultuous week.
| Tweet |
Log In To Add Your Comment
| 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 |
| More commentary archives | |
|
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|