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Stock futures rise as Wall Street bets banking crisis has stabilized: Live updates


Traders work on the floor of the New York Stock Exchange (NYSE) on February 27, 2023 in New York City.

Spencer Platt | Getty Images

Stock futures rose Thursday, building on the sharp gains from the previous session, as traders bet the regional banking crisis has stabilized.

Futures tied to the Dow Jones Industrial Average climbed 187 points, or 0.6% higher. S&P 500 futures and Nasdaq-100 futures were also up 0.6% and 0.62%, respectively.

Regional banks ticked higher in the premarket, with the SPDR S&P Regional Banking ETF (KRE) advancing nearly 1%. The ETF has gained 7% from its March 23 crisis low of $42.24, as investors posit that the central bank has reined in any further banking contagion. Shares of Western Alliance and PacWest gained 3% and 2%, respectively.

The major averages entered Thursday’s session up solidly for the week. The S&P 500 and Dow were up more than 1%, while the Nasdaq gained 0.9% through Wednesday’s close.

The moves over the course of the week stem from Wall Street’s attempts to weigh varying factors, said Thomas Martin, senior portfolio manager at Globalt Investments. Those factors, he said, include the latest batch of corporate earnings, the future path of interest rates and potential for a recession and, as of recent weeks, the state of the banks.

“There’s always been the natural seesaw, but it’s sort of never been like this,” he said. “There’s just so many things that are on investors’ minds.”

The three major indexes ended Wednesday higher, with the Nasdaq Composite leading the way with a roughly 1.8% jump. The S&P 500 and Dow followed at 1.4% and 1% higher, respectively.

On Thursday, investors will watch for economic data on weekly jobless claims and the gross domestic product. Boston Federal Reserve President Susan Collins, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari are all slated to speak in the afternoon.



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