Traders return to their desks tomorrow following Friday's selloff

Published: March 19 2023, 16:00 GMT+0

Traders return to their desks tomorrow following Friday's selloff

  • 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 withdraws to 6,925.4 (down 1.43%).

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

US markets are set to open tomorrow in around 21 hours. In the meantime, European markets were down Friday as CAC is down by 1.43%, withdraws to 6,925.4 Asia-Pacific markets closed higher Friday whilst Nikkei increases by 1.2%, reaching 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.

Bright Health Group Inc. has been dropping for 5 days, losing 17.73 cents, with Friday's session maintaining the downtrend. Daily trading volume (11.44 million shares) was higher than the current multiday average of 2.94 million.

Friday's fall added to a 7 day bearish run, during which First Republic Bank lost $88.95. Daily trading volume (139.67 million shares) was above 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%.

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