The Dow kicked off the last week of March with a 194-point win, its third straight. Investors set aside banking system concerns amid reports that U.S. officials could expand the emergency lending program for that sector. News that First Citizens Bancshares (FCNCA) agreed to purchase around $72 billion of SVB Financial Group (SIVB) assets boosted sentiment as well. The S&P 500 also made it three in a row, while a lackluster tech sector weighed on the Nasdaq.
Continue reading for more on today's market, including:
- Options traders are keen on this bank stock.
- Will Manchester United stock get new ownership?
- Plus, blue chip downgraded; ROKU earns analyst praise; and behind Pinterest stock's pop.
5 Things to Know Today
- Alibaba (BABA) founder Jack Ma was spotted in China after months abroad, following Beijing's roughly 18-month crackdown on its technology sector. (CNBC)
- Walt Disney (DIS) will begin the three-phase process of laying off 7,000 workers this week, which is part of the company's strategic realignment. (MarketWatch)
- Caterpillar stock sinks after a downgrade to "underperform."
- Options bulls blasted Roku stock after upgrade.
- What pushed Pinterest stock to a fresh one-year high.
Gold, Oil Move in Opposite Directions
Oil futures moved sharply higher on Monday to settle at a two-week high on Monday, as fears over the baking sector subsided. May-dated crude rose $3.55, or 5.1%, to close at $72.81 per barrel.
Gold prices finished lower, with investors now feeling less compelled to seek refuge in the safe-haven asset. April-dated gold dropped $30, or 1.5%, to settle at $1,983.80 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
