Several market drivers have sent stocks mixed this afternoon
The major indexes closed mixed after another big day of bank woes rocked the market. Investors seem unable to shake the First Republic Bank (FRC) deposit buzz, combined with a sense of fragility regarding incoming rate hikes and some of the biggest earnings reports this season. Also coloring the backdrop of Wednesday was Microsoft (MSFT), which posted an upbeat earnings late last night.
Continue reading for more on today's market, including:
- British government blocks billion-dollar sale.
- Options traders circle after Chipotle stock surge.
- Plus, crypto stock enjoys Bitcoin bump; analyst slams energy stock; and why bearish seasonality is ahead for the SPX.
Things to Know Today
- Amazon.com (AMZN) is continuing its slew of job cuts, now angled at its human resource and cloud departments. In addition to its previous 18,000 layoffs earlier this year, this wave of 9,000 will make it Amazon's biggest layoff shift in its nearly 30 years of business. (CNBC)
- Tensions are rising between Florida Governor Ron DeSantis and Walt Disney (DIS), as the theme park has initiated a lawsuit against DeSantis for "weaponizing government power." (MarketWatch)
- Crypto giant enjoyed the Bitcoin (BTC) bump.
- Analysts hammered down energy stock after earnings.
- Senior Quantitative Analyst Rocky White says bearish seasonality is ahead for the S&P 500.
Oil Eyes Negative April Performance
The broader economic outlook and weaker demand has sent oil futures lower for the day and shifted the commodity's monthly performance into a loss as well, with only a few days left to turn things back around. The now most-active, June-dated crude dropped $2.77, or 3.6%, to close at $74.30 per barrel.
Gold also moved lower, back below the key $2,000 level following heightening banking concerns. June-dated gold shed $8.50 or 0.4%, to settle at $1,996 an ounce.