Wall Street Today | Fed's Bullard Says Rates Hikes Are Directed at Inflation, Not Bank Stress
MACRO
US Officials Signal New Rules for Banks After SVB, Signature Failures
Top US financial officials on Tuesday outlined what's likely to be the biggest regulatory overhaul of the banking sector in years, in an initiative aimed at addressing underlying issues that contributed to the collapse of Silicon Valley Bank and other US regional lenders.
>>Read more
>>Read more
Fed's Bullard Says Rates Hikes Are Directed at Inflation, Not Bank Stress
Fed Bank of St. Louis President James Bullard said financial stress has increased in recent weeks due to the banking crisis but can be contained with regulatory policies rather than interest rates.
US Consumers Are More Hopeful About the Outlook for the Economy and Jobs
The Conference Board's index increased to 104.2 from a 103.4 reading in February, data out Tuesday showed. The median forecast in a Bloomberg survey of economists called for the gauge to fall to 101.
SECTORS
Traders Go Long Treasuries After Hedge Funds Unwind Short Bets
Treasuries investors and traders are leaning toward further gains in the world's biggest bond market, after a rally that got a major boost from short-covering by hedge funds this month.
That's the read from Citigroup's latest modeling as well as futures positioning data from the Commodity Futures Trading Commission. The scramble to dump Treasuries shorts helped drive two-year yields down around 100 basis points from a March 8 peak above 5% as banking-sector turmoil led traders to exit bets on Fed tightening.
Options Traders Make Record Bets on $3 Billion Regional-Bank ETF
Following the first signs of banking stress in mid-March, $Spdr Series Trust S&P Regional Bkg Etf (KRE.US)$ daily trading volume hit a record $4.9 billion. The fund is on pace for its biggest monthly volume in March since its inception in 2006.
Total put open interest, which measures the amount of bearish options activity, jumped to a record of 1.42 million contracts on Friday, up 60% from the day before a collapse in regional banks. Over the same stretch, total call open interest more than quadrupled to 1.05 million, also the highest ever.
COMPANY
Alibaba Shares Soar After Historic Overhaul Heralds IPO Wave
$Alibaba (BABA.US)$'s US shares closed 14.3% higher after China's online commerce leader announced plans to split its $220 billion empire into six business units, a major restructuring that promises to yield several initial public offerings.
>>Read more
>>Read more
Lululemon Shares Jump As Holiday-quarter Sales Surge
$Lululemon Athletica (LULU.US)$ on Tuesday reported strong holiday-quarter sales, suggesting wealthier shoppers are still purchasing yoga pants and tops despite rising prices for essential goods. The company also issued upbeat guidance for its new fiscal year.
>>Read more
>>Read more
Micron Reports Largest Loss on Record, but Stock Gains as Execs Say Inventory Issues Have Peaked
$Micron Technology (MU.US)$ reported its largest quarterly loss on record due to an inventory write-down of more than $1.4 billion on Tuesday, but shares held up as executives suggested the memory market may be reaching a bottom.
>>Read more
>>Read more
AMC Soars on Report Amazon Weighs Offer for Theater Chain
$AMC Entertainment (AMC.US)$ rose 13% after the Intersect website reported that Amazon.com Inc. is weighing a possible acquisition of the struggling movie-theater chain.
>>Read more
>>Read more
Apple Launches Its Pay Later Service
$Apple (AAPL.US)$ on Tuesday introduced Apple Pay Later, which will allow users to split purchases into four payments spread over the course of six weeks. $Affirm Holdings (AFRM.US)$, which also offers buy now, pay later software, closed down 7% on the news.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
43KVisitors
Follow
151790693 : SECTOR research has year $Apple (AAPL.US)$
Expendabiggles : biden drives the economy and the markets into the ground like s lawn dart and its called “fluctuation”
IAmNikolaTesla : New rules to screw over the people. Bail out Banks even more. I wish the Fed could bail me out of the stock market dropping like crazy