13 Mar '23 at 8:53 am #54828
Dow +47.85 at 31957.40, Nasdaq +42.65 at 11181.53, S&P +2.66 at 3864.25
There is some underlying strength, but the banking sector remains a sticking point for investors. The S&P 500 financial sector (-4.1%) is buried is last place by a wide margin. The SPDR S&P 500 Regional Bank ETF (KRE) is down 16.4% and the SPDR S&P 500 Bank ETF (KBE) is down 13.0%.
Even Dow component JPMorgan Chase (JPM 132.92, -0.61, -0.5%) trades down today despite registering gains on Friday due to the viewpoint that the company is a financial fortress that stands to benefit from the fallout at SVB Financial. JPM was also upgraded today to Overweight from Equal Weight at Wells Fargo.