| 3/9/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 3992.01 | 3918.32 | -1.85% | -73.69 |
| SPY | 398.92 | 391.56 | -1.84% | -7.36 | |
| QQQ | 297.82 | 292.66 | -1.73% | -5.16 | |
| TQQQ | 22.99 | 21.78 | -5.26% | -1.21 | |
| SQQQ | 37.41 | 39.45 | 5.45% | 2.04 | |
| SOXX | 421.25 | 412.88 | -1.99% | -8.37 | |
| SOXL | 15.81 | 14.91 | -5.69% | -0.9 | |
| SOXS | 20.12 | 21.32 | 5.96% | 1.2 | |
| DIA | 328.49 | 323.08 | -1.65% | -5.41 | |
| RUSSELL 2000 | IWM | 186.6 | 181.41 | -2.78% | -5.19 |
| DOW TRANSPORTATION | IYT | 234.21 | 229.42 | -2.05% | -4.79 |
| FINANCIAL | XLF | 34.96 | 33.54 | -4.06% | -1.42 |
| ENERGY | XLE | 84.9 | 83.7 | -1.41% | -1.2 |
| BIOTECH | XBI | 81.23 | 78.73 | -3.08% | -2.5 |
| CONSUMER STAPLE | XLP | 72.13 | 71.46 | -0.93% | -0.67 |
| HEALTH CARE | XLV | 126.35 | 125.07 | -1.01% | -1.28 |
| CONSUMER DISCRETIONARY | XLY | 143 | 139.59 | -2.38% | -3.41 |
| HOMEBUILDER | XHB | 68.12 | 67 | -1.64% | -1.12 |
| UTILITY | XLU | 65.98 | 65.45 | -0.80% | -0.53 |
| RETAIL | XRT | 65.6 | 64.4 | -1.83% | -1.2 |
| EMERGING MARKETS | SPEM | 33.94 | 33.22 | -2.12% | -0.72 |
| SOUTH KOREA INDEX | EWY | 59.19 | 57.74 | -2.45% | -1.45 |
| SOUTH KOREA 3X BULL | KORU | 8.15 | 7.55 | -7.36% | -0.6 |
| ARKK | 38.91 | 37.29 | -4.16% | -1.62 | |
| BITCOIN | /BTC | 22020 | 20185 | -8.33% | -1835 |
| CRUDE OIL | /CL | 76.48 | 75.6 | -1.15% | -0.88 |
| GLD | 168.54 | 170.2 | 0.98% | 1.66 | |
| SLV | 18.4 | 18.44 | 0.22% | 0.04 | |
| GDX | 26.81 | 26.68 | -0.48% | -0.13 | |
| 3 MONTH | US3M | 5.06 | 5.05 | -0.20% | -0.01 |
| 2 YR | US2Y | 5.05 | 4.90 | -2.97% | -0.15 |
| 5 YR | FVX | 4.336 | 4.221 | -2.65% | -1.15 |
| 10 YR | TNX | 3.976 | 3.925 | -1.28% | -0.51 |
| 30 YR | TYX | 3.878 | 3.871 | -0.18% | -0.07 |
| 10Y3M (10yr 3m spread) | -1.08 | -1.08 | 0.00% | 0 | |
| 10Y2Y (10yr 2yr spread) | -1.07 | -1.07 | 0.00% | 0 | |
| AAPL | 152.87 | 150.59 | -1.49% | -2.28 | |
| MSFT | 253.7 | 252.32 | -0.54% | -1.38 | |
| AMZN | 93.92 | 92.25 | -1.78% | -1.67 | |
| GOOGL | 94.25 | 92.32 | -2.05% | -1.93 | |
| TSLA | 182 | 172.92 | -4.99% | -9.08 | |
| NVDA | 241.81 | 234.36 | -3.08% | -7.45 |
Dow -543.54 at 32254.77, Nasdaq -237.65 at 11338.35, S&P -73.69 at 3918.32
The stock market made an attempt to start today's session on an upbeat note, bolstered by leadership from the mega-cap stocks and some hope that a higher-than-expected initial jobless claims reading could be followed Friday with a weaker-than-expected nonfarm payrolls number for February. That opening move was short-lived, however, as some disconcerting news and price action in the banking space undermined investor confidence.
Banks led a broad-based market downturn that saw the S&P 500 slice through its 200-day moving average (3,941) and close near its low for the session in a steady selloff that involved most stocks.
The bank stocks sold off sharply today amid concerns about rising rates, higher deposit costs, and weaker loan demand that collided with the news that Silvergate Capital (SI 2.85, -2.06, -42.0%) is voluntarily liquidating Silvergate Bank, and that SVB Financial (SIVB 106.04, -161.79, -60.4%), based in Silicon Valley, is seeking to raise capital as it has seen elevated cash burn from its clients.
The latter triggered worries about the state of deposit bases and capital positions for smaller banks that drove concerted selling interest in the space.
The added angst in today's price action was the understanding that something typically "breaks" when the Fed is in an aggressive tightening cycle, and that the banks, whether they are the specific problem in that regard, will likely get pulled into it nonetheless given their lending role.
Accordingly, there was a risk reduction effort afoot in the banking space, evidenced by a 7.3% decline in the SDPR S&P Bank ETF (KBE) and an 8.1% decline in the SPDR S&P Regional Banking ETF (KRE), that stirred concerns about bigger issues possibly coming to the fore.
It was striking, too, that Treasury yields moved noticeably lower today, yet stocks did not respond in opposite kind to that move. Instead, stocks slid alongside Treasury yields, implying that the move in Treasuries was more of a flight-to-safety than anything else. On a related note, the CBOE Volatility Index jumped 18.2% to 22.59.
The 2-yr note yield, which hit 5.06% before today's open, settled the session down 18 basis points to 4.88% and the 10-yr note yield, which hit 4.01% before today's open, settled the day down five basis points at 3.93%. The U.S. Dollar Index fell 0.4% to 105.25.
The financial sector (-4.1%), weighed down by its banking components, was the worst-performing sector but it had lots of company in the losing category. All 11 sectors finished lower with losses ranging from 0.8% to 4.1%. Not surprisingly, the defensive-oriented utilities (-0.8%), consumer staples (-0.9%), and health care (-1.0%) sectors saw the slimmest losses on a day that clearly had a risk-off disposition.
Decliners led advancers by a 6-to-1 margin at the NYSE and by a better than 3-to-1 margin at the Nasdaq.
- Nasdaq Composite: +8.3% YTD
- S&P Midcap 400: +4.1% YTD
- Russell 2000: +3.7% YTD
- S&P 500: +2.1% YTD
- Dow Jones Industrial Average: -2.7% YTD
Reviewing today's economic data:
- Initial jobless claims for the week ending March 4 increased by 21,000 to 211,000 (Briefing.com consensus 198,000) and continuing jobless claims for the week ending February 25 increased by 69,000 to 1.718 million. Those were the highest claims levels since December.
- The key takeaway from the report is that it teased the prospect of some softening in the labor market, as it marked the first initial claims reading above 200,000 in eight weeks. Still, it can be said that the current claims level remains in a zone that is indicative of a tighter labor market overall.
- EIA Natural Gas Inventories -84 bcf vs prior -81 bcf
Looking ahead to Friday, market participants will receive the following economic data:
- 8:30 ET: February Employment Situation Report
- 14:00 ET: February Treasury Budget
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