Bank Sector Optimism Pushes Stocks Higher Midday

All three major indexes sport solid leads

Deputy Editor
Mar 16, 2023 at 11:59 AM
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Wall Street is paring this morning's losses, as support emerges for an embattled bank. Specifically, The Wall Street Journal reported that JPMorgan Chase (JPM) and Morgan Stanley (MS) are looking to save First Republic Bank (FRC) through a potential capital infusion, and a full takeover isn't off the table. In response, the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) boast triple-digit leads, while the S&P 500 Index (SPX) is higher as well. 

Continue reading for more on today's market, including: 

  • Potential U.S. TikTok ban bodes well for Snap stock.
  • China-based firm reveals country's rival to ChatGPT.
  • Plus, why call traders love Meta Platforms stock; CIRCOR's post-earnings bull notes; and FRC takes another step back.

Midday Market Stats March 162023

The potential TikTok ban in the U.S. also has options traders excited about Facebook-parent Meta Platforms Inc (NASDAQ:META). The equity has already seen 177,000 cross the tape so far today, volume that is double what's typically seen at this point. The two most popular contracts are the 200 and 205 calls in the March series, where new positions are being opened alongside the next four most popular contracts. Price action is a different story. META was last seen trading at $198.86 after pulling back from its earlier gains. The shares have fared well on the charts of late, with a February bull gap helping them overcome long-term pressure at their 260-day moving average.

META March 162023

CIRCOR International, Inc. (NYSE:CIR) was last seen up 15.2% at $30.79 and trading near the top of the New York Stock Exchange (NYSE), after scoring multiple bull notes following a stellar fourth quarter. Over the last nine months, CIR has added 99.7%.

As previously mentioned, First Republic Bank (NYSE:FRC) is reportedly considering a sale of the company, as it explores strategies to boost its liquidity. The shares are 33.3% lower to trade at $20.78 at last glance, and trading near the bottom of the NYSE. Adding to its recent struggles, S&P Global Ratings and Fitch Ratings yesterday cut First Republic Bank's debt into junk bond territory. Year-over-year, FRC is down 86.9%.


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