March 16, 2023

Markets:

Futures tied to the Dow Jones Industrial Average fell Thursday as regional banks slid once again on growing fears of a banking crisis within the U.S. and Europe.

Credit Suisse announced overnight it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity. That offered some relief to the embattled bank in extended hours after it fell to a record low Wednesday following reports that the Saudi National Bank, Credit Suisse’s largest investor, said it would not provide additional assistance. U.S.-listed shares gained 5% in extended trading after falling just under 14% in the prior session.

Building permits and housing starts soared in February, while the latest data on jobless claims saw a big drop, according to economic reports Thursday.

Permits jumped to 1.524 million, a 13.8% increase from January and well above the Dow Jones estimate for 1.34 million, the Commerce Department reported. At the same time, total starts soared to 1.45 million, a 9.8% monthly increase and easily above the 1.31 million estimate.

In other economic reports, the Philadelphia Federal Reserve’s manufacturing survey edged higher but was still at -23.2, representing the percentage difference between companies reporting expansion vs. contraction.

The New York Fed’s Business Leaders Survey nudged higher but also was still negative at -10.1. In that survey, the business climate index fell to -38.8, “suggesting the business climate remains much worse than normal,” the New York Fed said.

Portfolio:

Strong week for us continues and we enter the new trading session holding positions in SLG, YEXT, TSLL, BAC, and DAKT.  We will be looking to potentially add today but want to be cautious with new trend lines forming.  S&P continues to refuse to break and continues to fight.  Just want to see how it trades today.  But, queue continues to ignite and would not be surprised if we pinpoint another monster opportunity today.  Be ready!  Let's have a great session.