Stocks @ Night is a daily newsletter providing a recap of market movements and insights into the next trading day, available for free via email. On Wednesday, the S&P 500 recorded a slight gain, while the New York Stock Exchange prepares to close on Thursday in remembrance of former President Jimmy Carter. The SPDR S & P Regional Banking ETF (KRE) is experiencing its first seven-week decline since 2015, dropping 14% from its November 52-week high, with First Foundation, Flagstar Financial, and Amerant among the hardest-hit stocks. The SPDR S & P Bank ETF (KBE) faces a sixth consecutive weekly loss, also down 14% from its November high.
In tech, eBay’s stock rose 12% in January, hitting a high on Wednesday but finishing the session up over 9%. The bond market shows the 10-year Treasury yield nearing 4.7%, its tallest point since April. In the quantum computing sector, stocks plummeted following Nvidia CEO Jensen Huang’s comments about the future of quantum technology, with IonQ and Rigetti Computing losing significant ground despite impressive three-month gains. Overall, the financials remain under pressure while the tech sector experiences volatility.
