Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures, with the banking crisis still in focus. A stock market rally attempt is ongoing, but the indexes have been volatile while breadth has been narrow.
X
The major indexes rose modestly for the week, but came far off weekly highs. The Russell 2000 hit 2023 lows with bank stocks, but small caps and banks edged up for the week.
The rally attempt has relied heavily on big-cap Nasdaq stocks. Apple stock, Microsoft (MSFT), Tesla (TSLA), Regeneron Pharmaceuticals (REGN), MercadoLibre (MELI) and Palo Alto Networks (PANW) are Nasdaq 100 stocks that are holding up well.
REGN stock gapped up into a buy zone late in the week on positive drug trial news. Apple (AAPL) and Microsoft are just above buy points while Palo Alto is just below an entry. MercadoLibre and Tesla stock are holding key support levels, not far from being actionable. All boast strong relative strength lines. MercadoLibre and PANW stock are on IBD Leaderboard. AAPL stock is on SwingTrader. MSFT stock is on the IBD Long-Term Leaders list. MELI stock is on the IBD 50.
Just because individual stocks are possible buys doesn’t mean investors have to act on them. This market rally attempt still needs to confirm its uptrend.
Bank Headlines
U.S. regulators could expand an emergency lending facility for banks, with an aim at helping First Republic (FRC) bolster its balance sheet, Bloomberg reported Saturday, citing sources. Authorities are mulling various options. They don’t see any First Republic as needing urgent new help as the California-based bank tries to work out solutions with its advisers.
Meanwhile, the FDIC would like to find a buyer for some or all of SVB Financial’s Silicon Valley Bank. Regional banks First Citizens BancShares (FCNCA) and Valley National Bancorp (VLY) reportedly are bidders, Bloomberg reported Saturday.
Will there be any positive or negative headlines on, or Deutsche Bank (DB), or more decisive action from regulators or policymakers? On Friday, many banks rebounded higher, but still…
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