Global Courant 2023-05-12 18:33:30
Traders on the floor of the NYSE
Source: NYSE
Shares rose Friday as regional banks recovered and traders attempted to close out a volatile week on a positive note.
The Dow Jones Industrial Average Traded 62 points higher, or 0.2%. The S&P 500 gained about 0.3%, and the Nasdaq composite up 0.2%.
Regional banks were generally up after falling in the previous session. The SPDR S&P Regional Banking ETF (KRE) climbed 0.6%. Western Alliance advanced 1% and PacWest gained 0.9%. On Thursday, regional banks fell largely after PacWest said its deposits had fallen sharply last week.
Tesla shares rose 2.2% after Elon Musk said Thursday he is stepping down as chief executive at Twitter. He will overseeing the product at the social media company.
Investors are also eyeing Washington as concerns over the debt ceiling negotiations persist. CNBC reported that there was a meeting on the debt ceiling between President Joe Biden and congressional leaders that was scheduled for Friday was postponed until next week.
Investors are coming off a fourth straight losing session for the Dow Jones Industrial Average, which fell more than 200 points or 0.66% on Thursday. Disney’s drop a day after it reported poor subscriber numbers weighed on stocks. The S&P 500 decreased by 0.17%. In contrast, the Nasdaq composite 0.18% added.
Meanwhile, weaker-than-expected data on wholesale prices, a sign of declining inflation, failed to shield investors from lingering worries about a downturn ahead, especially as a handful of stocks continue to carry the market.
“It’s a pretty typical story,” JPMorgan’s Jason Hunter said on CNBC’s “Closing Bell” Thursday. “You see the lean leadership, and at some point growth slows down enough to cause a real flight to cash.”
Investors are expecting preliminary consumer confidence data on Friday to be released after the opening. Economists polled by the Dow Jones expect a May reading of 63.0, which would be lower than the previous reading’s reading of 63.5.
April import prices will also be announced ahead of the Friday opening. Economists expect an increase of 0.3% last month, compared to a decline of 0.6% last month.
As of Thursday’s close, the Dow and the S&P 500 heading into their second negative week in a row, down 1.08% and 0.14% respectively this week. However, the Nasdaq Composite is on track for its third consecutive positive week, up 0.76%.
