ECONOMIC SILUET: Watch these regional bank stocks, Apple and these junk bond ETFs in tomorrow’s trading

Rabu, 03 Mei 2023

WED, MAY 03, 2023

Tomorrow's Top CNBC Stories Tonight

The banks

New lows for several big regionals today. The SPDR S&P Regional Banking ETF (KRE) is down 10.5% in three days.
The SPDR S&P Bank ETF (KBE) is down 8.8% in three days.
KeyCorp is now at a two-year low and down 15.3% in three days.
Northern Trust is at a 22-month low and down 6.3% in three days.
PNC is at a 17-month low, and down 10.4% in three days.
Truist is at a 25-month low and down 13.6% in three days.
Thanks to CNBC's Chris Hayes as always for the data on new lows.

Apple to report Thursday after the bell

Qualcomm raises new worries for Big Tech

The company's earnings statement said, "The midpoint of our third-quarter fiscal 2023 guidance includes the continued impact of the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown."
On the call, executives warned of worsening mobile phone demand.
The stock is down nearly 7% after hours, and it's 28% off from the 52-week high.

The materials

Vulcan and Martin Marietta report before the bell rings tomorrow.
Both are key members of the S&P Materials sector which is down 5% in three months.
Martin Marietta is up 2% in since it last reported three months ago. The stock is 5% off from the 52-week high.
Vulcan is down 2.6% since it last reported three months ago. The stock is 10% off from the 52-week high.

Jeffrey Gundlach and junk bonds

Lots of headlines today from Jeffrey Gundlach who was on "Closing Bell," including a call for the Fed to cut rates.
He also said, "We should expect significant lower-quality bond defaults starting in the fourth quarter of this year."
The SPDR Bloomberg High Yield Bond ETF (JNK), iShares iBoxx $ High Yield Corporate Bond ETF (HYG), iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and VanEck Fallen Angel High Yield Bond ETF (ANGL) are ETFs made up of lower quality credit/higher yielding bonds. These are also sometimes referred to as junk bonds. JNK, HYG and ANGL are up about 1% so far in 2023. SHYG is up about 0.5%.
JNK is 8% off the 52-week high and yields 6.34%.
HYG is 7% from the 52-week high and yielding 5.55%.
SHYG is 5% from a 52-week high yielding 6.12%.
ANGL is 6.5% from the 52-week high, yielding 4.88%.
BondBloxx B Rated USD High Yield Corporate Bond ETF (XB) is 8% from the 52-week high, yielding 8.27%