Stocks fluctuated and fell early Friday as bank fears returned after Thursday’s rally. Dow Jones component Microsoft (MSFT) broke out of a flat base at 276.86. Also in Dow Jones, Apple (AAPL) posted its four-day winning streak.
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The Dow Jones Industrial Average fell 1% in the first hour. The S&P 500 fell 0.9 percent. The Nasdaq was down less, at 0.5%, while the small-cap Russell 2000 was down more than 1%.
FedEx (FDX) surged after the results. Warner Brothers (WBD) was also a big riser.
Nvidia (NVDA) and Advanced micro devices (AMD) rose. Baidu ( BIDU ) rose along with other Chinese stocks. BIDU stock is clearing its 50-day line.
Volume on the NYSE and Nasdaq was higher than at the same time on Thursday.
Bank shares continued to fall after yesterday’s hopeful rise.
A First Republic (FRC) An SEC filing revealed that the troubled bank had $34 billion in cash before the big banks stepped in to bail out $30 billion. However, the bank also borrowed $109 billion from the Federal Reserve Bank and $10 billion from the Federal Home Loan Bank. FRC is also canceling its dividend. The stock fell more than 15% in morning trading.
The SPDR Regional Bank ETF (KRE) lost more than 4%.
Last week, banks borrowed $12 billion from the Fed’s new bailout program. However, they also received a whopping $152.8 billion in short-term emergency loans through the Fed’s “discounting window,” surpassing the $111 billion in more than one-week loans during the 2008 financial crisis.
Crude oil fell to $66.53 per barrel. Gold and Bitcoin rose.
The reference loan’s 10-year government bond yield fell by 11 basis points to 3.46 percent.
Stocks are moving outside the Dow Jones today
FedEx broke out after the third quarter results and crossed the 217.48 buy point. The shipowner raised his views throughout the year.
MarketAxess (MKTX) broke out of a flat bottom with a buy point of 389.67.
Volkswagen (VWAGY) unveiled plans to debut its first electric car to the masses, priced at $26,000. Shares fell in the morning.
Tech stock Nvidia added more than 2% to Thursday’s impressive rally. It rose after Morgan Stanley upgraded the stock from equal weight to overweight, raising its price target to 304.
Meta Platforms (META) recovered after breaking its recent flat bottom. The shares are in the buy zone. META is IBD on SwingTrader while NVDA is on Leaderboard.
Also outside the Dow Jones, Warner Brothers rose more than 2% after Wolfe Research upgraded its rating to outperform. Wells Fargo also gave the stock an overweight rating and a price target of 20.
Chinese stock markets rose on Friday.
Together with BIDU, the e-commerce giant Ali Baba (BABA) rose. China Electric Vehicle Stocks Xpeng (XPEV) and Byd (BYDDF) also gained a foothold.
Stocks: Pagerduty (PD) fell silent after Thursday’s demonstration. The stock is approaching a buy point of 33.87 in a cup with a handle.
Cathie Wood shares Coinbase (COIN) rose 7%. Shares have risen above their 50-day line.
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