11 big-name banks are coming to the rescue of First Republic Bank (FRC)
Stock futures are lower heading into today's trading, a fitting end to an extremely volatile week of economic data and bank sector drama. All eyes are on First Republic Bank (FRC), after a group of 11 finance peers banded together to deposit $30 billion into the sinking bank name. All 11 banks that contributed to the deposits are lower premarket.
Futures on the Dow Jones Industrial Average (DJI) are down triple digits, while S&P 500 Index (SPX) sports a modest loss of its own. Nasdaq Composite Index (NDX) futures are eyeing an open in the red as well, though all three indexes remain on track for healthy weekly wins.
Continue reading for more on today's market, including:.
- Bull notes gave these 3 stocks a boost.
- This China-based stock could see a liquidity rally.
- Plus, NVDA's fresh bull note; FedEx stock's post-earnings surge; and analyst initiates coverage on Bumble.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts and 1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.66 and the 21-day moving average stayed at 0.79.
- Shares of Nvidia Corporation (NASDAQ:NVDA) are up 1.2% before the bell, after Morgan Stanley upgraded NVDA to "overweight" from "equal weight," citing the company's strong future in artificial intelligence (AI). The chip stock has jumped 72% so far in 2023.
- FedEx Corp (NYSE:FDX) is enjoying a nearly 12% pre-market surge, after the company posted a fiscal third-quarter earnings beat and raised its full-year profit outlook. Several analysts have chimed in with bull notes, certain to boost the stock's already 17% year-to-date gain.
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Citigroup is betting big on Bumble Inc (NASDAQ:BMBL), sending the shares up 2.6% before the open. The brokerage firm initiated coverage on the dating stock with a "buy" rating and $24 price target, saying the potential for capture of market shares could mean up to a 20% increase for the stock. BMBL has shed 24% over the past 12 months.
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Today will bring industrial production, capacity utilization, the U.S. leading economic index, and consumer sentiment data.
Bank Concerns Send European Markets Lower
Asian markets settled higher on Friday, as investors’ fears eased after a group of banks banded together to rescue FRC. In other news, Chinese President Xi Jinping will visit Russia next week. Hong Kong’s Hang Seng added 1.6%, while Japan’s Nikkei score a 1.2% gain. The South Korean Kospi and China’s Shanghai Composite rose 0.8% and 0.7%, respectively.
European markets are modestly lower amid lingering U.S. banking sector concerns, however, as Credit Suisse (CS) resumes its selloff. At last check, France’s CAC 40 is down 0.2%, while London’s FTSE 100 and the German DAX are both slightly below breakeven.