Markets Gain, Rebounding From Wednesday's Selloff

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Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published March 23, 2023
Table showing the performance of major U.S. financial indexes on March 23, 2023

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Key Takeaways

  • U.S. equities indexes moved higher on March 23, 2023, partially recovering from losses posted the day before on the Fed's latest interest rate hike.
  • In a volatile Thursday session, the Dow and the S&P 500 initially traded lower before rallying to close higher, while the Nasdaq gained 1%.
  • Tech stocks contributed to the positive market performance, while bank shares tumbled.

U.S. equities bounced back following Wednesday's Fed and banking-related selloff to finish in the green on Thursday, March 23, although well off their earlier highs. It was a volatile session, with the Dow and S&P 500 falling into negative territory before rallying in the last hour of trading. The Nasdaq climbed 1%.

The tech sector helped drive market enthusiasm. Shares of Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOGL) gained. Netflix (NFLX) shares added 9% on reports of healthy subscriber growth for its service with advertising. Semiconductor stocks rose, with shares of Intel (INTC), Micron Technology (MU), Nvidia (NVDA), and Advanced Micro Devices (AMD) up. Strong earnings reports from K.B. Home (KBH) and General Mills (GIS) boosted shares of those firms.

First Solar (FSLR) shares advanced as Barclays raised its price target on the stock to $230 from $162. Shares of Regeneron Pharmaceuticals (REGN) and American Depositary Receipts (ADRs) of Sanofi (SNY) climbed following a successful Phase 3 trial of the drug Dupixent to treat uncontrolled chronic obstructive pulmonary disease (COPD). Gold prices jumped 2.5%, boosting shares of Newmont Corporation (NEM), Barrick Gold (GOLD), and rival gold miners. 

Bank Stocks Stumble

Regional banks again dominated the list of worst-performing stocks in the S&P 500. Zions Bancorporation (ZION), Comerica (CMA), First Republic Bank (FRC), KeyCorp (KEY), and PacWest Corporation (PACW) sank. Shares of Charles Schwab (SCHW) also slid.  

Coinbase Global (COIN) said it could face civil penalties from the Securities and Exchange Commission (SEC) over accusations of securities violations, and shares tumbled. Block (SQ) shares plunged when short seller Hindenburg Research told investors to dump the stock. Factset Research Systems (FDS) shares dropped after the financial data and software firm's quarterly revenue fell short of forecasts, and it slashed its full-year sales outlook. Oil futures fell, sending shares of Chevron (CVX), SLB (SLB), and other fossil fuel-related companies lower. 

The yield on the 10-year Treasury note tumbled. The U.S. dollar gained versus the euro, but fell against the pound and yen. Prices for major cryptocurrencies shook off earlier losses and were higher.

Table showing the S&P 500 stocks with the biggest gains and losses on March 23, 2023

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