Traders eye rebound tomorrow following Friday's market slide

Published: March 19 2023, 19:00 GMT+0

Traders eye rebound tomorrow following Friday's market slide

  • First Republic Bank was the biggest decliner Friday after giving up 32.8% As things stand, GoHealth (down 24.46%) and Bright Health (down 12.19%) are underperforming today
  • European markets were down Friday as CAC is down by 1.43%, reaching 6,925.4

A reminder of where Friday left off before tomorrow's session begins: leading equity indices in the US declined as Dow Jones closed at 31,862, a 1.19% change. S&P 500 shed 1.1% and closed at 3,916.64.

US markets are now currently closed and set to reopen tomorrow; meanwhile, European markets were down Friday as CAC is currently down 1.43% and trading around 6,925.4. Asia-Pacific markets closed higher Friday whilst Nikkei rises by 1.2%, reaching 27,334.

Friday's bearishness meant that First Republic Bank lost 32.8% Friday before closing at $23.03. GoHealth (down 24.46%), Bright Health (down 12.19%) also underperformed Friday.

Bright Health | -12.19% at 27.51 cents

Bright Health Group Inc. has lost 43.93% over the last 5 days. Friday's session continued the recent downtrend: during Friday's session, Bright Health toiled and struggled for upward momentum before closing at 27.51 cents. By the close, the the health insurance provider suffered a 3.82 cents or 12.19% loss. Daily trading volume (11.44 million shares) increased, making up 390% of the 21-day average (2.94 million).

First Republic Bank | -15.37% to $19.49 in pre-market trade with 18 hours until open

  • This year has been a gloomy one for the wealth management company after trading as high as $170.53 and going on to lose 72.5% of its value.
  • First Republic Bank went down to $23.03 (32.8%), adding to its seven days of losses.

So far this year, it has been under-performing the S&P by 73.3%. The regional full-service bank's market cap currently stands at $4.29 billion with an average daily trading volume of 10.72 million shares. First Republic Bank is forecasted to generate revenues of $1.44 billion and EPS of $1.82.