March 28, 2023

Markets:

U.S. equity futures were lower Tuesday after the S&P 500 posted its third positive session in a row and banking sector concerns continued to ease.

Stock futures were under pressure as bond yields rose, with the rate on the 2-year U.S. Treasury note rising back above 4%. Worries about the crisis among U.S. regional banks have been assuaged thanks in part to policymakers’ efforts to alleviate the challenges, and investors’ fear that higher rates could push the economy into a recession came back into focus.

Earnings season continues Tuesday with results from Micron Technology, Lululemon, and Dave & Buster’s. Investors also await home price data and The Conference Board’s consumer confidence report.

The Federal Reserve’s Vice Chair for Supervision Michael Barr will appear before the Senate Banking Committee. He will speak on recent bank failures and federal regulators’ response.

E-commerce giant Alibaba jumped more than 9% in the premarket after the company announced it would split into six different businesses as part of the most significant reorganization in company history.

Oil and gas stocks climbed 1.44%, mining stocks were up 1.36% and banks continued to regain some positive momentum, up 1.2%.

Portfolio:

We enter todays session holding setups in TSLL, PLTR, and NU. Looking at the queue and what's igniting and could see some early morning activity today. Technically, in a great place. Overall the trend remains and we love to see it. A few earnings report tonight could move specific sectors and could trigger additional opportunities. Especially with MU and the chip sector. Be on alert today and stay patient. Allow price to continue to build and then we can pivot. Let's have a great session.