Stock market news today: Stock futures rise, regional bank stocks rebound
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Stock market news today: Stock futures rise, regional bank stocks rebound
Here's what's moving markets on Tuesday, March 21, 2023.
U.S. stock futures were higher ahead of the open on Tuesday following U.S. and European efforts to stabilize the banking system.
The ripples of the bank failures comes on the heels of the Federal Reserve’s next interest rate decision Wednesday. Its policy meeting kicks off Tuesday.
Futures tied to the S&P 500 (^GSPC) added 0.6%, while futures on the Dow Jones Industrial Average (^DJI) gained 0.7%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) edged up by 0.4%.
Bond yields are rising, “potentially indicating less of a recessionary impulse from the banking system,” according to the US Market Intelligence team at JPMorgan. The yield on the benchmark 10-year U.S. Treasury note rose 3.5% Tuesday morning. On the front end of the yield curve, two-year yields jumped to 4.1%.
The S&P 500 rallied nearly 1% to kick off the new week. According to data from Bespoke Investment Group, energy and materials were the top sector performers, each gaining over 2%. Tech, consumer discretionary, and communication services underperformed following last week’s strength.
The headliner event of the week will be a crucial two-day meeting of the Federal Reserve's policy-making committee, where central bank officials face a tough decision whether to raise interest rates again or take a pause amid the turmoil in the banking sector.
Prior to the Silicon Valley Bank fallout, policy makers were poised to hike rates by as much as 50 basis points following a flurry of data showing a resilient economy. But given the crisis in the banking sector, many market participants forecast a smaller point increase — or none at all.
“Based on Powell’s recent hawkish shift in early March, the market is still giving the Fed room to hike 25bps at this upcoming meeting, but will not allow the Fed to get away with more tightening beyond that,” Victor Masotti, Director of Repo Trading at Clear Street, wrote in a statement.
The European Central Bank was confronted by a similar scenario on Thursday. As a result, the ECB raised interest rates by 50 basis points, saying it remains committed to dampening inflation while monitoring the turmoil in the banking sector.
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