Traders eye rebound tomorrow following Friday's market slide

Published: March 19 2023, 10:00 GMT+0

Traders eye rebound tomorrow following Friday's market slide

  • First Republic Bank suffered relatively more than others Friday after 32.8% dip 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.

An update of where Friday closed ahead of the next session: leading equity indices in the US declined as Dow Jones lost 1.19% and ended the session at 31,862. S&P 500 slipped 1.1% and closed at 3,916.64.

US markets are now currently closed and set to reopen tomorrow; meanwhile, European markets closed lower Friday. Upbeat Asia-Pacific markets ended Friday higher as Nikkei added 1.2% to trade at 27,334.

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) was higher than the current multiday average of 2.94 million.

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

  • The current year has not been the best for the regional full-service bank as it lost 72.5% from its highest point of $170.53.

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. So far this year, it has been under-performing the S&P by 73.3%. First Republic Bank's market cap currently stands at $4.29 billion with an average daily volume of 10.72 million shares. First Republic Bank expected revenue of $1.44 billion with an EPS of $1.82.