Markets Rise as Banking Concerns Ease

Table showing the performance of major U.S. financial indexes on March 29, 2023


Key Takeaways

  • U.S. stocks moved higher on March 29, 2023, as concerns about the banking sector dissipated.
  • The Nasdaq led major indexes with gains of nearly 1.8%, while the S&P 500 and the Dow were also up at least 1% in Wednesday's session.
  • Regional bank stocks had a positive day, while shares of retailer Lululemon (LULU) saw healthy gains after issuing strong guidance.

U.S. equities rose as concerns about the strength of the banking sector eased, and the market focus turned to earnings reports and other corporate news. The Dow rose about 1%, while the S&P 500 and Nasdaq were up even more.

The gains were driven by tech stocks, with shares of semiconductor companies powering higher after Micron Technology (MU) made positive comments about the industry's future. It was the second-best performing stock in the S&P 500, behind Intel (INTC). Amazon (AMZN) shares jumped 3%, and shares of of Meta Platforms (META), Salesforce (CRM), Apple (AAPL), Microsoft (MSFT), and Tesla (TSLA) added 2%.

It was a positive day for investors of regional bank stocks, as shares of First Republic Bank (FRC), Comerica (CMA), M&T Bank (MTB), KeyCorp (KEY), and PacWest Bancorp (PACW) rose. Lululemon Athletica (LULU) shares took off after the fashion athletic wear retailer's profit and full-year guidance beat estimates.

Retail Stock Downgrades

Just five stocks in the S&P 500 lost more than 1%. UnitedHealth Group (UNH) and Merck (MRK) were the only stocks in the Dow in negative territory. Shares of Bath & Body Works (BBWI) and Ross Stores (ROST) fell after UBS downgraded them. Target (TGT) shares sank. Shares of Newmont Corporation (NEM) and rival gold miners lost ground as gold prices declined. 

Oil futures were down. The yield on the 10-year Treasury note was flat. The U.S. dollar was up against the euro, pound, and yen. Prices for major cryptocurrencies jumped.

Table showing the S&P 500 stocks with the biggest gains and losses on March 29, 2023


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