With bank stocks under pressure, last week, the Dow Jones lost 1.24% and the S&P 500 dropped 0.8%. The Nasdaq eked out a small gain of 0.07%. After the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank, investors are fearful that other banks could suffer the same fate - the end of bank failures is likely not over.
Economic reports from last week came back mostly positive: •Construction Spending - higher than expectation •Job Openings - lower than expectation •Vehicle Sales - higher than expectation •Private Employment - higher than expectation •Total Employment - higher than expectation •Labor Productivity - lower than expectation •Consumer Credit - higher than expectation •Jobless Claims - higher than expectation This week, investors will look for guidance from economic reports like Small Business Optimism, Consumer Sentiment and Jobless Claims.