Stock market today: Live updates

First Republic Bank went negative in the premarket, joining the losses of the local banks, even though they had traded earlier.

The stock has been closely followed after feeling whiplash in recent sessions as investors turned to banks following the shutdowns of Silicon Valley Bank and Signature Bank. After falling about 62% on Monday, the stock rose about 27% in Tuesday’s relief session.

First Republic shares fell 5.3% in the last premarket. This means it underperformed his SPDR S&P Regional Banking ETF (KRE), which fell 4.7%.

West Texas Intermediate crude reversed course in early trading on Wednesday, dropping to $69.76 a barrel, its lowest since just before Christmas 2021.

WTI is now down about 4.6% since the start of the week and is on pace for its fourth weekly drop in five weeks.

Follow the United States Oil ETF (USO) for a suitable proxy.

— Scott Schnipper, Gina Francola

Check out the companies making headlines before Wednesday’s bell.

• Credit Suisse — Shares of Credit Suisse fell 21.5% after the company’s biggest backer, the Saudi National Bank, announced it would no longer provide financial support. Credit Suisse and several other European banks, including Societe Generale, Italy’s Monte dei Paschi and Unicredit, suspended trading as prices plummeted.
• PakWest Bancorp, Comerica, KeyCorp — several regional banks led Wednesday’s decline after rebounding on Tuesday. PacWest and Comerica were down 7.7% and 3.4% respectively. KeyCorp shares fell 1.4%, Regions Financial fell 4.2% and Zions Bancorp fell 5.5%. Shares of San Francisco-based First Republic bucked the trend, rising 3.8%.
• Lennar — Stocks in the homebuilder rose more than 1% in premarket trading after Lennar beat estimates for its fiscal first quarter sales and earnings. The company reported he earned $2.06 per share on revenue of $6.49 billion.

Read here to see which other companies are working before opening.

S&P 500 futures fell nearly 2% around 8:10am ET.

The S&P 500 ended Tuesday’s trading session up 1.65% at 3,919.29, up 2.08% year-to-date.

Composite index futures dropped 1.85% in the end.

— Tanaya Machel

Shares of the big US banks were under pressure in pre-market trading as traders watched the woes of Credit Suisse.

Wells Fargo and Citi stocks each fell about 4%, while Bank of America dropped 3%. JPMorgan and Goldman Sachs fell about 2%.

Large U.S. bank stocks have mostly held their ground these days compared to regional bank stocks, which were seen as riskier following the collapse of Silicon Valley banks.

— Jesse Pound

Swiss lender Credit Suisse ADR shares fell 21% in pre-market trading.

The Saudi National Bank said it could not provide more funding, Reuters reported. “We can’t do that because it would be over 10%. This is a regulatory matter,” Saudi National Bank Governor Amal Al-Qudaily told Reuters on Wednesday.

The troubled Swiss bank said earlier this week that it had found “significant weaknesses” in its 2022 and 2021 financial reports.

-John Melloy

Several European bank names were suspended on Wednesday as a sharp drop in Credit Suisse shares dragged the sector down and the market as a whole.

Societe Generale’s shares were suspended, along with Italy’s Monte dei Paschi and Unicredit. Meanwhile, Credit Suisse fell 20% after its biggest investor said it would not provide further support to the troubled bank.

These moves come as traders around the world grapple with the aftermath of the Silicon Valley bank collapse.

“The failure of the Silicon Valley bank has spilled over into the European stock market,” said Citi strategist Beata Muncy. It means that there may still be widespread ramifications.”

Manthey noted that the conditions for taking profits in the European market are already ripe. “However, the investor remains net long in European banks even though he pulled his position from his maximum long just over a month ago. It means that there is

— Fred Imbert, Michael Bloom

European stock markets opened lower, but bank stocks are still in negative territory, influenced by the global Silicon Valley Bank.

The pan-European STOXX 600 index fell 0.4% heading into the open, with most sectors and major exchanges trading in the red. Retail stocks fell 1.9% for him, followed by oil and gas stocks, which fell 1.4%. Bank stocks fell 0.5%.

— Hannah Ward Glenton

German automaker BMW said Wednesday it expects a slight increase in shipments from 2022 and an EBIT (earnings before interest and tax) margin for its range of cars in 2023 of between 8% and 10%. ” level.

The company reaffirmed its full-year 2022 results reported last week. This includes his EBIT of €10.6 billion ($11.4 billion) in the automotive division, which had margins of 8.6% last year.

BMW has extensively deployed battery electric vehicles and expects its BEV share to reach more than 50% by 2030. His BEV share in the company he expects to reach 15% in 2023.

— Luxandra Yordake

According to official data, China’s industrial output increased by 2.4% from January to February.

Retail sales for the same period increased by 3.55%, as expected.

China’s fixed asset investment rose 5.5% in the first two months of the year, beating expectations of economists polled by Reuters who are expected to grow 4.4%.

China’s onshore renminbi fell after the data was released, trading at 6.8822 against the US dollar.

The People’s Bank of China kept the interest rate on its 481 billion yuan one-year medium-term loan facility unchanged at 2.75%.

Japanese financials rose in Wednesday morning trading, reversing the direction seen earlier in the week and receiving a rally from Wall Street banks.

Tokyo-listed shares of Mitsubishi UFJ Financial Group rose 3.25%, Sumitomo Mitsui Financial Group rose 2.73% and Mizuho Financial Group also rose 2.04%. Nomura Holdings also rose 1.7%.

Meanwhile, technology giant SoftBank Group continued to post marginal losses of 0.62%.

Hong Kong’s Hang Seng Index rose 2.35% on Wednesday to lead the Asia Pacific gains, supported by healthcare and technology stocks.

Top performers in the index included search engine company Baidu, which rose 6.28%, Alibaba health information technology, which rose 5.59%, and Internet company Netease, which rose 4.02%.

However, the biggest gainer in HSI was Orient Overseas (International), up 9.49%. The company is the parent company of container shipping company Orient Overseas Container Line.

— Lim Hijie

Quant market indicators observed at Bank of America by a team led by cross-asset and quant strategist Alex Macedon and equity and quant strategist Savita Subramanian show that the U.S. economy (from the late stage of the economic cycle) will become “more severe” by 2018. “We are confirming that we have entered a recession. February was his second straight month, according to a report released on Tuesday.

According to BofA, dating back to 1990, there were seven similar periods, with recessions lasting an average of 12 months (but between 6 months in 1995-1996 and 19 months during the global financial crisis). bottom).

Further, the BofA said, “cash is the alternative right now,” adding, “The S&P 500’s total return is expected to be only 2% to 3% this year, making cash more attractive than equities.” “Even after recent developments, we still expect a final rate of 5.25% to 5.5%,” said an economist at Short-Term Treasuries and Banks.

The best equity investment strategies revolve around those based on a company’s cash flow, writes the team. These strategies emphasize the ratio of free cash flow to firm value, or price to free cash flow, and are “deeper than the index during previous recessions when cash had little value, especially outside of the Zero Interest Rate Policy (ZIRP) era. Outweighed these factors were active managers and cheap versus history.”

In BofA’s view, stocks that provide free cash flow and dividends are “bird’s hands” and high P/E growth stocks are “buying dreams”. Unfortunately for those hoping for a return of past leaders, the long-duration stocks (the most cost-sensitive ‘dream-buying’ growth stocks) have more room to falter. Maybe,” said BofA.

— Scott Snapper

Lennar — Homebuilder stocks rose about 3% in long-term trading. Renner beat analysts’ earnings and earnings expectations in recent quarters, according to Refinitiv. The company reported earnings of $2.06 per share on earnings of $6.49 billion.

First Republic — Shares of regional bank shares rose again after the bell, up 8.9%. Other bank names, Western Alliance and KeyCorp, also rose, up about 5% and 3% respectively.

Read the full list of stocks that move after hours.

— Samantha Soobin

3M, one of the 15 S&P 500 stocks that hit a 52-week low on Tuesday, fell to its lowest since February 2013. Dow Jones Industrial Average.

• Dish Network (DISH), lowest since 2009
• Hasbro (HAS), lowest price since March 2020
• VF Corp. (VFC) at lowest price since 2011
• Hormel (HRL), lowest since 2019
• Devon Energy (DVN) at lowest price since January 2022
• Centen (CNC), lowest price since October 2021
• CVS Health (CVS), lowest level since April 2021
• Southwest (LUV) at lowest price since May 2020
• 3M (MMM), lowest level since 2013
• Gen Digital (GEN) at lowest price since March 2020
• CF Industries (CF) at lowest price since February 2022
• WestRock (WRK), lowest price since August 2020
• Advance Auto Parts (AAP), lowest price since May 2020
• Organon (OGN) hits lowest since spin-off from Merck in June 2021
• Boston Properties (BXP) at lowest price since 2009

Three stocks in the S&P 500 hit new 52-week highs on Tuesday.

• Arista Networks (ANET) hits highest price since 2014 IPO
• Cadence Design System (CDNS) Hits All-Time High Since ECAD Introduced in 1987
• GE Healthcare Technologies (GEHC) hits all-time highs until GE spin-off in December 2022

— Scott Schnipper, Christopher Hayes