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DO RS
Jun 06, 2023 9:26PM ET
Long regionals
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Stock market today: Dow cuts losses to eke out win as regional banks flex muscles
Published Jun 06, 2023 04:11PM ET
© Reuters
Investing.com -- The Dow ended the day above the flatline Tuesday after cutting gains into the close as renewed investor appetite for regional banking stocks and a climb in tech helped offset losses in health care stocks.
The Dow Jones Industrial Average was flat, or 10 points higher, and the Nasdaq gained 0.4%, and the S&P 500 was up 0.2%.
Financials was the top performing sector on the day, led by regional banks including U.S. Bancorp (NYSE:USB), Zions Bancorporation (NASDAQ:ZION) and East West Bancorp (NASDAQ:EWBC) as investors appear keen to buy into the weakness seen in the spring.
Alphabet (NASDAQ:GOOGL), meanwhile, helped push tech stocks higher though Apple (NASDAQ:AAPL) continued to trade in the red after unveiling its Vision Pro headsets on Monday.
The higher-than-expected price of $3,499 for the headset could limit adoption and any meaningful boost to revenue in the near term, according to UBS
“[W]ith a starting price of $3,499, roughly $500 above our expectations and an availability date in early 2024, we estimate the impact over the next 12-18 months will likely be no more than 1%-2% of total revenue,” UBS added.
Health stocks were pressured by a slump in Elevance Health Inc (NYSE:ELV), Merck (NYSE:MRK) and Illumina Inc (NASDAQ:ILMN), with the latter down more than 4% as it continues its fight with regulators to save the deal to acquire cancer startup Grail.
Illumina Inc on Monday appealed against a Federal Trade Commission order that demanded the company unwind its $7 billion acquisition of Grail.
Boeing (NYSE:BA), a major dow component, was also a big drag on the market falling less than 1% after the aircraft maker said it would delay deliveries of its 737 Dreamliner jets, citing a production flaw.
In crypto-related news, the regulatory heat turned up a notch as the SEC filed a lawsuit against Coinbase Global (NASDAQ:COIN) accusing the cryptocurrency platform of breaking U.S. regulations, sending its shares 12% lower.
The move comes just a day after the SEC sued Binance, alleging multiple security violations including misappropriating customer funds.
Cryptocurrencies, however, sidestepped the regulatory worries as Bitcoin (BitfinexUSD), ETH/USD and XRP led the broader crypto move higher.
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Comments (9)
Raymond Ong
Jun 06, 2023 7:41PM ET
this type of analysis, dog and cat, can also be WS analyst.
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Jouni
Jun 06, 2023 7:38PM ET
Article writer obviously has no idea what is the state of regional banks behind the curtains lol.. Just wait for it.
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Deborah Holloway
Jun 06, 2023 7:01PM ET
Seems like a lot of you were short, lol!
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CJ Burton
Jun 06, 2023 5:48PM ET
Let me see if I get this... Right before the US issues a TON of bonds for sale, which could cause a large flight of money to move from banks to Treasuries, hurting banks even more, the stocks of banks goes UP?!?
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Casador Del Oso
Jun 06, 2023 5:48PM ET
Even worse. Read about banks new accounting rules regarding Held To Maturity. If this doesn't scare you, nothing will.
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dylan mulvaney
Jun 06, 2023 5:15PM ET
More money has been lost in bank failures in the first half of 2023 than the total amount of money lost in bank crashes during 2008. They are only gaslighting for the demented potato in the White House, whose approval is only at 35% despite having 24/7 North Korea-style news coverage for their Dear Leader and investing sites like this refusing to even say the word "Biden" in relation to the economy after years of "trade war fears" under Trump as the markets went up. The Dow is at the same levels as 2021 despite trillions of spending and end of the democrat lockdowns.
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Deborah Holloway
Jun 06, 2023 5:15PM ET
You shouldn't let politics influence your trades...and the market is up 10% since Biden got in and it's not 2024 yet! A lot of money pumped into the economy happened during the Trump years, btw, as did the lame COVID response and the tax cuts that increased the debt so spectacularly. You need to stop blaming the Dems and promoting the criminal who preceded him. It's not good economics.
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Jun 06, 2023 4:52PM ET
As banks jack up steroids 🤭🤭
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dylan mulvaney
Jun 06, 2023 4:34PM ET
Nothing says "innovation" like announcing a $3,500 version of a product google released a decade ago that failed miserably. These bloated trillion dollar corporations with massive P/Es are on their dying breath.
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Casador Del Oso
Jun 06, 2023 4:19PM ET
Overvalued stocks just a little more overvalued.
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