The Nasdaq and S&P 500 clung to weekly gains
The grim stock slide for First Republic Bank (FRC) came in spite of the $30 billion bailout effort made by its big-name peers, and subsequently weighed on the broader market. The Dow plunged 384 points, while the Nasdaq also pulled back triple digits and snapped a four-day win streak. The S&P 500 settled in the red for the day as well. The latter two logged weekly wins, while the blue-chip index suffered its second-straight weekly loss.
Continue reading for more on today's market, including:
- Banking sector is spiking volatility on Wall Street.
- How interest rate hikes impact options traders.
- Plus, 1 notable earnings blowout; a trading strategy to use now; and the dating app stock an analyst is loving.
5 Things to Know Today
- The U.S. Federal Reserve is indicating a quarter-percent-point interest-rate hike for next week, on the heels of the chaotic bank drama. (CNBC)
- Charles Schwab is calling itself a "safe port in a storm" as thousands of investors have flocked to the finance giant in the last week. (CNBC)
- FedEx popped after a notable earnings report.
- Why you should trade straddles right now.
- Dating app jumps on analyst praise.
Oil Logs Worst Week of 2023
Oil prices suffered steep losses on the day and week, as fears weigh over the state of the U.S. and European banking outlook. April-dated crude lost $1.61, or 2.4%, to close at $66.74 per barrel on the day and shed 13% for the last five days -- its worst weekly performance in 2023.
Gold enjoyed a surge to an 11-month high this afternoon, as the bank sector triggered tailwinds. For the week the commodity closed up 5.7% -- its biggest such mark in nearly three years. For the day, April-dated gold added $50.50, or 2.6%, to settle at $1,973.50 per ounce.