Credit quality in the regional banking space contributed to the skittish sentiment in the major indices on Thursday, and in the opening hour of the evening session, U.S. equity futures are slipping further – S&P500 e-minis and Nasdaq 100 contracts are both down 0.4% while Dow Industrials are off by 0.3%. Financials were by far the worst performing sector on the S&P 500, even as investors had cheered the first wave of earnings from the top banks to start the week – Regional banks such as Fifth Third (FITB), Citizens (CFG), and East West Bancorp (EWBC) were especially hard hit with 6% or more declines. Meanwhile, Tech was resilient with positive finishes among key Semiconductors and Hardware names – Nvidia (NVDA) was up over 1% while Micron (MU) hit record highs with a 5% gain on the day.
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In commodities, WTI Crude Oil remains under pressure as traders reprice supply-demand conditions, falling below $57 per barrel. Meanwhile, Gold and Silver are still in rally mode, rising to $4,370 and $53.50 per ounce respectively.
Check out this evening’s top movers from around Wall Street, compiled by The Fly.
HIGHER AFTER EARNINGS –
ALSO HIGHER –
- Kezar Life Sciences (KZR) up 46.8% after announcing it will explore strategic alternatives as it has been unable to align with FDA on potential registrational clinical trial of zetomipzomib
- Praxis Precision Medicines (PRAX) up 5.6% despite common stock offering on momentum following today’s 184% spike
DOWN AFTER EARNINGS –
- Glacier Bancorp (GBCI) down 3.3%
- WaFd (WAFD) down 2.8%
- Interactive Brokers Group (IBKR) down 2.4%
- Bank OZK (OZK) down 1.0%
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