Indices rose sharply from session lows in late trading on Wednesday, but remained flat. The Dow Jones Industrial Average pared its losses to 1% — a 320-point drop. The Swiss banking giant Swiss debt (CS) while based in America, fell as it struggled to stay afloat First Republic (FRC) was slammed with a garbage rating.
In Dow Jones stocks, Microsoft (MSFT) is on pace to rise for the third day in a row. Earlier, the software company made the AI tool available on Azure OpenAI.
Amgen (AMGN) and Merck (MRK) higher, with Walgreens (WBA) and Walmart (WMT)
The S&P 500 was also at session lows, down less than 1% at 3pm ET. Steel Dynamics (STLD) sold off and fell below its 50-day line. The steelmaker expects lower Q1 profit, according to reports.
The Nasdaq erased most of the losses and was nearly flat at the time. Tech stocks lent some support to the index. Google Parents letters (Google) gained more than 2%. Netflix (NFLX) rose 3%. Both stocks neared today’s highs.
Volume on the NYSE and Nasdaq was higher compared to the same time on Tuesday.
Crude oil fell 5.2% to $67.61 a barrel. Oil giants Halliburton (HAL) and SLP (SLPOther energy stocks fell more than 8%.
The yield on the 10-year Treasury note fell 18 basis points to 3.45%. Gold prices rise while Bitcoin falls.
Banking operations resumed on Wednesday. Shares in Credit Suisse fell after its biggest investor, Saudi National Bank, said it would no longer invest in the Swiss bank. This replaces previous plans to invest up to 1.5 billion Swiss francs last year.
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First Republic (FRC) was downgraded to junk by a sharp rating cut by S&P Global Ratings due to concerns that customers were pulling out their cash. According to the Wall Street Journal, it’s a four-level gradient from A- to BB+. The new rating puts the stock squarely in speculative territory. Stocks fell.
Elsewhere, stocks Charles Schwab (Black) rose a strong 5% after last week’s sharp sell-off. CEO Walt Bettinger said the brokerage is not in dire straits and is in no rush to raise money to keep operating. Western Alliance Bancorp (Tail) and Metropolitan Bank (MCB) were among regional banks that turned in steep losses.
Tech stocks AMD tops buy point
Advanced Micro Devices (AMD) breaking out of a flat base and rising just above the 89.04 entry. Runs 28% above average.
Facebook Parent Shares Meta platforms (Meta) rebounded after its massive 7% gain on Tuesday. The IBD Leaderboard The stock is forming a flat base with an entry of 197.26. Also on the leaderboard, Nvidia (NVDA) is elevated.
Stocks will move today
Aircap (AER) fell below its 200-day line. The aircraft leasing company fell below its 50-day line on March 8, marking six straight days of losses.
Fertilizer Manufacturer’s Stocks Punk (PG) fell 7%, reversing gains from Tuesday. Shares rose 14% on Tuesday Cordeva (CTVA) and Chevron (CVX) partnered with Pange for plant-based oil products.
According to economic data, wholesale prices fell in February compared to January. Except for food and energy, they remained unchanged. The producer price index fell 0.1% in February, up 4.6% year-on-year. US retail sales also fell 0.4% in February, a sharper decline than views of 0.3%.
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