Traders eye rebound tomorrow following Friday's market slide

Published: March 19 2023, 20:00 GMT+0

Traders eye rebound tomorrow following Friday's market slide

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

A refresher of where Friday ended before tomorrow starts: leading equity indices in the US declined as Dow Jones closed at 31,862, a 1.19% change. S&P 500 slipped 1.1% and closed at 3,916.64.

US markets are currently closed but will resume tomorrow in around 17 hours time. European markets closed lower Friday. Asia-Pacific markets closed higher Friday whilst Nikkei climbs to 27,334 (up 1.2%).

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

Friday's 12.19% loss extends a 5 day bearish run in which Bright Health Group Inc. had already lost 17.73 cents from its share value. Daily trading volume (11.44 million shares) increased, making up 390% of the 21-day average (2.94 million).

First Republic Bank has been dropping for 7 days, losing $88.95, with Friday's session maintaining the downtrend. Daily trading volume (139.67 million shares) was higher than the current multiday average of 10.72 million. First Republic Bank disclosed a quarterly dividend of 27 cents per share on Friday, January 13th that was paid on Thursday, February 9th to all shareholders of record up until Thursday, January 26th. Based on current prices, the company's decision thereby provides First Republic Bank investors with an annual dividend yield of 4.69%.