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Banks are Collapsing

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Last Week’s Market Activity

The continued uncertainty around both the US and international banking systems has led to a lot of volatility over the past week.  Three enormous players in the banking system, SVB, Silvergate Bank, and Signature Bank, have collapsed this month.  This week, many were speculating that the Swiss banking giant, Credit Suisse, and US-based First Republic Bank would meet the same fate, as these banks ran into similar issues.  All of the uncertainty in the market has led to a mixed bag of results in the indices, with the Dow and Russell down 0.43% and 1.25%, respectively, while the Nasdaq and S&P were up 4.27% and 1.49%. 

Macroeconomic Indicators

CPI came in line with expectations this week, for the most part.  Year-over-year CPI was 6.0% – while this figure is certainly high, it met expectations and is showing that inflation is on a steady decline.  However, CPI was not a major mover for the markets this past week.  Much like last week, the turmoil in the banking sector has had a stranglehold on headlines this week.  Uncertainty around how many more regional banks will collapse led many regional bank stocks down, creating a lot of pain in the market.

Upcoming Market Catalysts

This week will be the week that everyone has been waiting for.  Amid the tremendous amount of turbulence in the economy, with bank runs leading to bank collapses, all eyes will be on the Fed.  On Wednesday, we’ll get to hear whether or not the Fed will continue to raise interest rates.  While many are expecting the Fed to not raise interest rates, as cracks are beginning to form in the economy, others believe that they will not stop raising until inflation is under control.  Unfortunately, only time will tell what happens to interest rates.  Regardless of the choice the Fed makes, be prepared for some increased volatility in the markets this week!

Notable Earnings Releases

This week is yet another slow week in terms of earnings.  We’ll get to hear from the following companies:

03/19 – Foot Locker, Inc. (FL)
03/20 – Nike (NKE), Tencent Music Entertainment Group (TME), On Holding AG (ONON)
03/21 – Chewy, Inc. (CHWY)
03/22 – General Mills, Inc. (GIS), Darden Restaurants (DRI)

This week, we will see consumer companies from several different sectors reporting their earnings.  FL, NKE, and ONON will all be able to give us some important information as to how consumers are spending their money on things like clothing and shoes.  CHWY will give us some important spending information on the pet segment, and lastly, GIS and DRI will give insight on how the grocery and restaurant sectors are fairing.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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