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March 29, 2023

Stock futures muted, bond yields rise

U.S. shares turned bitter on Tuesday, though bond yields ongoing to prolong gains as traders monitored the hottest developments in the banking sector immediately after the sale of Silicon Valley Financial institution.

The S&P 500 (^GSPC) and the Dow Jones Industrial Regular (^DJI) declined .1{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Contracts on the technological know-how-heavy Nasdaq Composite (^IXIC) turned crimson by .5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

Bond yields moved higher. The produce on the benchmark 10-yr U.S. Treasury observe moved to about 3.56{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} on Tuesday. On entrance finish of the yield curve, two-yr yields jumped about 4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. WTI crude oil (CL=F) rose a lot more than 5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} to begin the 7 days on Monday, and it ticked up to earlier mentioned $73 a barrel Tuesday.

Shares ended Monday mixed, immediately after North Carolina-dependent To start with Citizens (FCNCA) financial institution bought Silicon Valley Bank. Communication solutions, tech, and genuine estate were being the only sectors to end the working day reduced the former two sectors also dragged on the Nasdaq, resulting in the tech-significant index to fall .5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, in accordance to Bespoke Investments.

Shares of Initially Citizens jumped to a history superior, extending gains for the next consecutive day on Tuesday right after buying the deposits and loans of SVB. Meanwhile, shares of SVB Monetary, which had been delisted on the New York Stock Exchange, started investing around the counter for considerably less than 30 cents.

As banking companies dominated the headlines once again this 7 days, federal regulators ended up slammed with powerful inquiries from lawmakers on Tuesday with regards to the collapse of SVB and Signature Financial institution. All 3 regulators agreed that fiscal rules will need to be tightened next the modern turmoil.

“I anticipate the require to bolster capital and liquidity specifications for financial institutions with in excess of $100 billion,” Federal Reserve Vice Chair for Supervision Michael Barr claimed at the Senate Banking Committee listening to, responding to Democratic Senator Elizabeth Warren’s issue.

All through the listening to, lawmakers also pressed on the difficulty that executives of the banking institutions must face outcomes foremost up to the failures.

The Dwelling Economical Solutions Committee will maintain its have listening to on Wednesday and problem Barr, FDIC Chairman Martin Gruenberg, and Treasury Undersecretary Nellie Liang.

“If bank contagion fears subside, then we may see a resurgence in each bond yields and commodities as development, ahead of the banking crises, was more robust than envisioned led by the US and a reopened China,” wrote the U.S. current market intelligence staff at JPMorgan in a observe.

“However, banking crises normally have large-ranging, and negative, impacts on advancement and work,” the workforce included.

A general see of First Citizens Lender name and brand. U.S., March 27, 2023. REUTERS/Mike Blake

Financial institution sentiment turned purple on Tuesday. Regional lender shares traded down Tuesday, together with 1st Republic Lender (FRC), PacWest Bancorp (PACW), and Western Alliance Bancorporation (WAL).

Massive financial institution shares which includes Bank of The us (BAC), Wells Fargo (WFC) also moved lessen, when Citigroup (C), and JPMorgan Chase (JPM) traded up.

In the meantime, the major revenue managers have signaled that the Federal Reserve will continue on to increase premiums in spite of trader’s the latest bets amid the lender fallouts, in accordance to BlackRock.

BlackRock Expenditure Institute strategists, such as Wei Li, wrote in a consumer notice that the Fed and its friends have built it apparent that the troubles in the banking sector won’t detract from its fight towards inflation.

Independently, there’s speculation that Charles Schwab (SCHW) could be the next identify to observe in the banking sector’s difficulties, Bloomberg stories. This arrives as better desire rates have pushed some investors to go dollars out of certain accounts, which bolster Schwab’s bottom line and organization.

Right here are some trending tickers on Yahoo Finance:

Occidental Petroleum (OXY): Billionaire investor Warren Buffett amplified his shares in his most well-liked energy team.
Lyft (LYFT): The enterprise named previous Amazon govt David Risher as its CEO. The trip-hailing company’s co founders Logan Green and John Zimmer stepped down from their respective roles of CEO and president.
Alibaba (BABA): The Chinese tech large declared its options to break up its small business into 6 independently operate entities, signaling the greatest structural alter in its history.
Paramount (PARA): Lender of America analysts upgraded the inventory contacting the firm “a procuring record of appealing belongings.”
AMC Entertainment Holdings, Inc. (AMC): Stories swirling about that the e-commerce giant Amazon.com Inc was searching to get the theater chain.
Walgreens (WBA): The pharmaceutical giant described 2nd-quarter outcomes that beat expectations and maintained it’s profit advice.

On the economic front, February wholesale inventories acquired .2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in contrast to economists expectations of .1{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} and retail inventories climbed .8{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, the strongest looking through given that August, larger than anticipations of .2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

Separately, dwelling selling prices logged their seventh consecutive month to month decline in January as soaring interest costs continue on to stress prices and the housing market all round. In the meantime, the shopper pulse notched upward to 104.2 in March, larger than the prior month, in accordance to the Conference Board.

In other places, in the cryptocurrency world, Binance’s regulator situation is spilling outside of Changpeng Zhao’s corporation, Bloomberg studies, raising the stakes for American corporations that worked with the exchange.

Dani Romero is a reporter for Yahoo Finance. Stick to her on Twitter @daniromerotv

Simply click in this article for the most recent inventory market place news and in-depth examination, such as occasions that go stocks

Read the most recent fiscal and organization news from Yahoo Finance

March 16, 2023

Stocks plummet, yields fall amid Credit Suisse turmoil

U.S. shares plummeted Wednesday as two economic prints showed a slowdown in the U.S. financial state in February, though fresh new turmoil at Credit history Suisse (CS) renewed investor issues about the banking sector.

The S&P 500 (^GSPC) dropped .7{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, whilst the Dow Jones Industrial Normal (^DJI) lost /9{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Contracts with the technological innovation-hefty Nasdaq Composite (^IXIC) pared earlier losses and ended just earlier mentioned the flatline.

Bond yields plummeted. The yield on the benchmark 10-yr U.S. Treasury notice moved down to 3.49{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Wednesday from 3.6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Tuesday. On the front end of the produce curve, two-12 months yields fell to 3.89{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Oil fell to new lows on the yr, with WTI slipping below $70 a barrel.

All 3 important indexes rallied Tuesday as critical inflation info came in line with expectations. The S&P 500 shut up 1.7{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, although the Nasdaq climbed 2.3{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, marking the index’s most effective working day in 5 months. Shares of regional banking companies rebounded, clawing again some of the latest losses.

But clean difficulties at Credit rating Suisse injected a lot more jitters into marketplaces Wednesday morning. By the afternoon a Swiss regulator claimed the country’s central bank would offer further liquidity if essential. The European bank’s inventory fell more than 25{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} at one particular stage, plunging to a document low after its largest backer explained it could not deliver any extra help. Credit rating Suisse on Tuesday disclosed in a report that it had discovered “materials weaknesses” in controls more than financial reporting.

On the financial facts side in the U.S., the Commerce Division said retail sales fell .4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} more than the very last thirty day period, in line with the economist consensus compiled by Bloomberg. Meanwhile, February’s producer-price index, which actions what suppliers are charging organizations, dropped .1{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in an unanticipated drop.

Wednesday’s knowledge arrived after Tuesday’s launch of the closely watched Buyer Rate Index (CPI), which the Commerce Office reported rose 6.{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in February over the last yr, the smallest improve considering the fact that September 2021. In the very same study, main CPI, which strips out foodstuff and power, grew 5.5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, also in line with expectations.

The sudden collapse of Silicon Valley Lender and Signature Lender, as properly as the rising turmoil at Credit history Suisse, will come at a time when the economic system grapples with stickier, if declining, inflation. It has sparked a discussion among traders betting on whether or not the Fed will hike fascination charges just after its conference following week.

Ryan Sweet, Main US Economist at Oxford Economics, reported as anxiety is contained mainly in regional banking institutions, his workforce expects a quarter-percentage-issue level boost pursuing the Fed’s impending March assembly.

“With inflation continuing to operate effectively above the 2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} target, a pause in the tightening cycle or a price minimize would be premature,” Sweet wrote. “Policymakers can use instruments other than desire costs to alleviate pressures in the banking technique.”

A equivalent sentiment arrived from William Blair’s macro analyst Richard de Chazal, who reported in light-weight of latest occasions a quarter-stage improve will almost certainly be considered “more prudent.”

The banking sector been given a vote of no self-confidence Tuesday as Moody’s downgraded the complete U.S. sector’s outlook from secure to detrimental, citing “the swift deterioration in the running ecosystem.”

Lender sentiment continued to be bitter for members of the KBW Bank index (^BKX), as the index sank Wednesday. Significant-cap index members such as Lender of The united states (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) all traded down Wednesday, even so.

Renewed jitters remained in the banking sector regional lender shares on Wednesday — To start with Republic Lender (FRC), PacWest Bancorp (PACW), Areas Financial (RF), and Zions Bancorporation (ZION) — all traded downward, while Western Alliance Bancorporation (WAL) traded up.

A emblem is pictured on the Credit score Suisse financial institution in Geneva, Switzerland, February 22, 2023. REUTERS/Denis Balibouse/

Right here are some of the stocks trending on Yahoo Finance on Wednesday:

Credit score Suisse (CS): The bank’s major shareholder ruled out giving further more economical aid to the loan company. The shareholder cited regulatory fears as the purpose at the rear of not getting open up to injecting more money into the lender.
UBS Team AG (UBS): UBS chief government officer Ralph Hamers said he will not respond to any “hypothetical issues” next the turmoil at his rival Credit score Suisse, Bloomberg reported.
Meta Platforms (META): Meta announced another 10,000 layoffs. The recruitment team is among individuals most influenced by the career cuts, as the company programs to near 5,000 vacancies it experienced still to fill. Citi boosted its concentrate on selling price to $260 from $228.
AMC Enjoyment (AMC): The enterprise claimed given a preliminary tally shareholders voted in favor of escalating the firm’s stock authorization and changing AMC Preferred Fairness Models into typical shares.
SentinelOne, Inc. (S): The cybersecurity corporation documented fourth-quarter earnings that showed whole earnings amplified 92{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} to $126.1 million, up from the calendar year in advance of when it came in at $65.6 million.
3M Enterprise (MMM): The stock is trading reduce ahead of the firm’s trader day celebration.
Innovative Micro Products (AMD): The stock outperformed on Tuesday general for huge-cap technologies stocks, pursuing 3 straight times of declines.

On the earnings front, Adobe (ADBE) Oatly (OTLY) UiPath (Route) Five Under (5) will report quarterly effects on Wednesday.

—

Dani Romero is a reporter for Yahoo Finance. Observe her on Twitter @daniromerotv

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March 14, 2023

Stocks rise, bond yields, bank stocks fall on SVB fallout

U.S. stocks finished Monday mixed as volatile trading gripped Wall Street after federal banking regulators took aggressive actions to stem the fallout of Silicon Valley Bank’s failure.

The S&P 500 (^GSPC) declined 0.1{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, while the Dow Jones Industrial Average (^DJI) ticked down 0.3{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Contracts on the technology-heavy Nasdaq Composite (^IXIC) rose 0.4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

Bond yields plunged. The yield on the benchmark 10-year U.S. Treasury note dipped to 3.54{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Monday. Traders are also repricing short-end bonds pushing the front end of the yield curve, as two-year yields dropped to 3.9{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

The moves came after stocks got smoked on Friday, rounding out their worst week so far this year. Federal regulators closed tech-focused lender Silicon Valley Bank in the biggest U.S. bank failure since the 2008 financial crisis.

President Joe Biden addressed the nation Monday morning regarding the turmoil in the financial sector. Biden said that “no losses will be borne by the taxpayers” and he assured customers that they would be protected. The president also vowed to ask Congress and regulators to strengthen rules for banks.

His remarks came after regulators took extraordinary action Sunday to stem the fallout in the baking sector. Treasury Secretary Janet Yellen, Fed Chair Jerome Powell and FDIC Chairman Martin J. Gruenberg announced that depositors of the failed Silicon Valley Bank would be able to access all their money starting Monday.

The saga of Silicon Valley Bank has had a rippling effect on a second bank: Signature Bank (SBNY) was closed Sunday, the second bank failure in three days. Among the measures, the Fed said depositors would be made whole. It created a new “Bank Term Funding Program” (BTFP) facility that enables other banks to obtain quick cash in exchange for collateral.

Meanwhile, the sour bank sentiment spread across regional banks Monday, as the KBW Bank index (^BKX) fell nearly 12{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, while index members including Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) all traded down.

JPMorgan analysts led by Marko Kolanovic said in a note to clients that the stock plunge for larger banks was “overdone,” but they did point to “emerging cracks” dating back to banks’ fourth-quarter earnings that painted a daunting picture in the nearer term.

“While we do not believe there is a banking crisis in the making and the SVB situation is somewhat unique, we do expect increased investor scrutiny of banks,” the analysts said.

Other regional bank stocks including First Republic Bank (FRC) plummeted more than 60{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} after JP Morgan lent the bank a hand. The California-based bank secured funding from the Wall Street giant that gives it more than $70 billion in unused liquidity.

PacWest Bancorp (PACW), Zions Bancorporation (ZION), Regions Financial (RF), and Western Alliance Bancorporation (WAL) stocks were halted Monday morning, triggered by volatility. The stocks ended the day down 20{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, 26{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, 7{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, and 47{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, respectively.

Paul Hickey, co-founder of Bespoke Investments Group, wrote in a note Monday morning that the turmoil in the banking sector is not necessarily “a repeat of 2008, but these types of comments almost never have their intended purpose of providing comfort to investors.”

Meanwhile, in the UK, British officials worked throughout the weekend to find a buyer for the U.K. subsidiary of Silicon Valley Bank, with HSBC stepping in.

The turmoil on the banking front overshadowed February’s job report, which blew past expectations once again, as the U.S. economy added 311,000 jobs, a slower pace from January’s blowout number, and compared to consensus estimates from economists for job gains of 225,000. The unemployment rate edged up to 3.6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, and wage growth rose 4.6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} over the last year, slower than expected.

Economic releases will dominate the conversation this week as Wall Street pays attention to two data prints as the Federal Reserve’s next meeting rapidly approaches. At the same time, investors will be glued to the latest headlines over the collapse of SVB Financial Group and the implications for the banking sector.

Tuesday’s Consumer Price Index (CPI) kicks off the action in data on Tuesday. Economists expect inflation to rise 6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} over the last year on a headline basis, while on a “core” basis the call is for 5.5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

Meanwhile, February’s retail sales read rolls out Wednesday morning. The upshot in the reading of those reports will weigh in on the Fed’s next policy move.

The collapse of SVB has also sparked the debate among traders betting on a forced Fed pause to its cycle of rate hikes. Economists at Goldman Sachs (GS) said it “no longer expects” the Federal Reserve to hike interest rates later this month, while economists at Barclays reconfirmed their stance for a 50-basis-point hike next week.

Data from CME Group shows that over 60{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of market participants are expecting a 25-basis-point-rate hike at the Fed’s March meeting, while nearly 40{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} anticipate rates unchanged.

Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration

In other single-stock moves:

Roku (ROKU): The company said that SVB held 26{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of its cash and cash equivalents, per its filing to the Securities and Exchange Commission (SEC).
Credit Suisse (CS): The Swiss lender hit a new record low Monday morning on the fears of the European bank’s ability to hang onto deposits amid the collapse of US lender SVB.
Charles Schwab (SCHW): The stock took a nosedive, marking its biggest daily drop despite defending its portfolio.
Roblox (RBLX): The gaming platform company said in a filing only 5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of its $3 billion cash and securities balance as of February 28, 2023, were held at Silicon Valley Bank. “Thus, regardless of the ultimate outcome and the timing, this situation will have no impact on the day-to-day operations of the Company.”
Rocket Lab, USA (RKLB): The space company announced on Friday that it had $38 million in cash or 7.9{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of its cash as of Dec. 31 with SVB.
Vimeo (VMEO): The video platform company said its account balance was under the $250,000 threshold.
Etsy (ETSY): The online marketplace said in a statement Friday that there would be a delay with their deposits in the wake of the SVB fallout.

Elsewhere, in the crypto market, Bitcoin (BTC-USD) soared over 16{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} to over $24,000 in the past 24 hours as the government plans to protect depositors of SVB and Signature Bank.

On the earnings front, FedEx (FDX), Adobe (ADBE), Dollar General (DG), and Lennar (LEN) will report quarterly results this week.

—

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

Click here for the latest stock market news and in-depth analysis, including events that move stocks

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March 2, 2023

S&P 500, Nasdaq fall, yields rise after hawkish Fedspeak

U.S. stocks finished mostly lower Wednesday to start March as key manufacturing data offered mixed results and two Federal Reserve officials suggested a more aggressive rate-hiking campaign in the coming months.

The S&P 500 (^GSPC) declined by 0.5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, while the Dow Jones Industrial Average (^DJI) was flat. Contracts on the technology-heavy Nasdaq Composite (^IXIC) fell by 0.6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}.

The yield on the benchmark 10-year U.S. Treasury note moved upward and briefly touched 4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Wednesday. Crude oil traded higher, with U.S. benchmark WTI up at $77.73 a barrel.

On the economic data side, U.S. manufacturing firms signaled a grim outlook for the sector, according to the latest PMI data from S&P Global. The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index was revised lower to 47.3 in February, up from 46.9 in January. The reading indicates “a solid deterioration in the health of the goods-producing sector, despite the pace of decline softening to the slowest for three months.”

Separately, economic activity in the manufacturing sector diminished in February for the fourth consecutive month following a 28-month period of growth, according to the Institute for Supply Management report on business. The data offered a mixed bag. Employment in manufacturing decreased to 49.10 in February from 50.60 in January. New orders rose to 47.0 compared to January’s figure of 42.5. Prices paid jumped to 51.3 from January’s reading of 44.5.

Stocks fell Tuesday, rounding out the last day of a volatile month of February on Wall Street. According to JP Morgan’s trading desk, February’s month-end rebalance drove some weakness in equities and strength in bonds Tuesday afternoon.

With February in the rearview, the S&P 500 remains up more than 3{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} this year, according to data from Bespoke Investment Group. Mega-caps have been a massive driver of the index moves. That said, 20 of the largest stocks in the S&P 500 have accounted for most of the index’s gains.

Now, as the calendar turns, March historically sees the S&P 500’s gains in the second half of the month, Bespoke Investment Group noted.

The path of the Federal Reserve’s rate hikes remains in focus for investors. Two Federal Reserve officials spoke on Wednesday leaned in the move that aggressive interest rate hikes are the path forward to ease inflation.

They followed Chicago Fed President Austan Goolsbee, who said on Tuesday it would be a “danger and a mistake for policy makers to rely too heavily on market reactions” and emphasized the importance to “supplement these traditional data with observations on the ground from the real economy.”

However, Goolsbee, who will be a voter at this year’s policy-setting Federal Open Market Committee meeting, didn’t comment on monetary policy.

Since last year, the Fed has sharply raised rates in an effort to cool inflation. But inflation remains sticky. Policymakers will be releasing new projections after the central bank’s March 21-22 meeting.

Austan Goolsbee, Professor of the University of Chicago, speaks during the Obama Foundation — Austan Goolsbee. REUTERS/Brendan McDermid

On the housing front, mortgage rates continue to move upward, pushing buyers to the sidelines as the spring housing market is underway. Both purchase and refinance applications slumped last week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume of purchase applications hit a 28-year low, down 44{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} from a year ago.

Here are some of the tickers trending on Yahoo Finance today:

Eli Lilly and Company (LLY): The drugmaker announced Wednesday morning it expects to cap out-of-pocket cost of its insulin at $35 a month. The plan comes as a promise to provide critical relief to some people with diabetes, who at times face higher medical costs.
Kohl’s (KSS): Shares of the retail giant declined nearly 2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Wednesday after the company posted a surprise fourth-quarter loss and sales slumped as consumer habits shift away from discretionary spending.

Wendy’s (WEN): The fast-food chain announced in its quarterly earnings about its plans to target sales growth through 2025 as it streamlines costs.
Rivian (RIVN): The electric truck manufacturer’s guidance for fiscal 2023 deliveries came in 20{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} below estimates as the EV maker struggles to scale up its truck, van, and SUV production.
Nio (NIO): Another EV maker gave weak revenue guidance. The Chinese premium EV startup, reported a much worse-than-expected fourth-quarter loss as margins took a hit due to in part to “losses on purchase commitments.”

Novavax (NVAX): The vaccine maker warned of its ability to stay in business through next year. This comes as the company has struggled to develop and enter the COVID-19 vaccine market.
Alibaba (BABA): The stock climbed in the wake of the group’s quarterly earnings, and fueled by the 4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} surge in the Hang Seng index overnight.
Dollar Tree (DLTR): The discount retailer stock rose nearly 2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} after the company posted weaker guidance for the current fiscal year.

Tesla (TSLA): The EV maker is set to kickoff its first Investor Day event on Wednesday from its gigafactory in Austin, Texas. CEO Elon Musk is expected to announce new Tesla products that aim to reduce reliance on fossil fuels and lead to a “fully sustainable energy future.”

HP (HPQ): The PC and printing giant’s stock wavered after the company posted mix results amid a soft demand environment for personal computers. Fiscal-quarter sales dropped 18{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} year-over-year. Printer sales sank 5{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} from a year ago.
Reata Pharmaceuticals (RETA): The stock surged nearly 200{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} Wednesday after the U.S. Food and Drug Administration on Tuesday approved the company’s treatment for Friedreich’s ataxia, a rare inherited disease that causes damage to the nervous system.
Lowe’s (LOW): The home-improvement company reported weaker fiscal sales in the fourth quarter and issued a conservative outlook ahead, with comparable sales expected to be flat to down 2{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} compared to the prior year. The stock fell nearly 6{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} on Wednesday.

Other earnings on tap Wednesday after the bell include Salesforce (CRM), Snowflake (SNOW), and Okta (OKTA).

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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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