Good morning,
The S&P 500 had a great week, hanging out above its 50-day moving average and breaking through the 4,100 mark by Friday. We saw the significant indices playing it cool early on in the week, though, as folks like us kept an eye on the developments in the banking world, including that two-day Congressional hearing about the SIVB bank fiasco.
Table of Contents
Last Week’s Economic Reports
CALENDAR & MOVERS
Earnings
Dividend Spotlight
BONDS
COMMODITIES
OIL & ENERGY
PRECIOUS METALS & GOLD
CRYPTOCURRENCY
The good news came when we learned that First Citizens Bancshares (FCNCA) would be scooping up some of Silicon Valley Bank’s assets. Bloomberg reported authorities might expand the emergency lending facility for banks, giving First Republic Bank (FRC) some extra time to beef up its balance sheet.
However, bank stocks still felt the heat, especially after FDIC Chairman Michael Barr mentioned that more regulation and higher capital and liquidity standards are likely for big firms.
Despite all that, the S&P 500 financial sector managed to rise 3.7% this week, although it took a 6.1% dip in Q1. A chunk of this week’s gains came from the semiconductor scene, with the PHLX Semiconductor Index jumping 3.5% for the week and a whopping 27.6% for the quarter.
Investors were initially excited about Micron’s (MU) earnings, but they backed off on Friday due to rumors of Chinese regulators poking around MU products for cybersecurity reasons.
To wrap it up, all 11 S&P 500 sectors saw gains this week! Energy (+6.2%), consumer discretionary (+5.6%), and real estate (+5.2%) were the big winners, while communication services (+1.5%) and health care (+1.8%) still managed to make modest gains. Cheers to a solid week in the market!
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Have a great week!
Irving Wilkinson
Editor
AlphaBetaStock.com
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