Stocks close week higher, bank stocks end Q1 2023 in the red

Yahoo Finance’s Jared Blikre joins the show to summarize the week in the stock market.

Video Transcript

SEANA SMITH: And Jared, tech a clear winner here over the last couple of months.

JARED BLIKRE: Yes, it really was. Here's today's performance. Let's drill down into the major indices first, and then we'll get to the tech trade. Here's the Dow. Year to date, guess what? It closed up a whopping 38 basis points. That's less than 1%. The NASDAQ was the high flier, though, up over 16%. And then the S&P 500, a little bit less than that, 7%. Let's call-- the split the difference here. And finally, the Russell 2000 just up barely there. Russell 2000, that's the small caps, no big tech in there.

So let's take a look and see what happened. This is the sector action on a year-to-date, first-quarter basis. Tech, that's XLK, that is in the forefront of 21%, followed by communication services, and then consumer discretionary. All of these are outperforming the S&P 500. And that's it.

And guess where those stocks are? They are right on the left side of the NASDAQ 100, where we're seeing some really outsized gains today. Look at this, Apple up 27%, Amazon right on its heels, Meta 76%, Tesla 68%, NVIDIA crossing 90%, really incredible gains here, especially leading into the close today.

And let's take a look at the Dow as well. We can see, well, not the same thing as the NASDAQ. Obviously a lot more red here. You're going to see some pharmaceutical names like J&J and UnitedHealth. Those are down 12% and 10% respectively, some staples in here. But then the tech trade in the Dow looking pretty good here. Apple, we went through that. Microsoft up 20%. Salesforce down here, that's up 50%.

And if we take a look at some of our leaders and sentiment indicators, guess what number one is? Bitcoin. BITO ETF, we're going to talk with Dave Hollerith in a second here. Secondly, we got ARK Innovation, then meme stocks, then chip stocks, then internet stocks, then software, than IPOs, then gambling. Pretty big fringe investment area represented on the top line there.

What's at the bottom? KRE, that is a regional bank trade. That's down 25%, not a big surprise there. Also, MJ, that is a cannabis ETF. That is down 17%. Let me take a look here at the banking sector. We know there is a lot of carnage. Credit Suisse really taking the brunt of that. That's down 70%.

The square is so small here-- well, the little rectangle, hard to see on this. But you can see in the US, pretty bifurcated market. You've got Bank of America down 13%, HSBC up 9%, MS, that's Morgan Stanley, up 3%.

But when you take a look at the regional banks, it's just a sea of not only red, dark red, and just some really jaw-dropping losses here. Look at the bottom row. The least bad shirt in the laundry basket, that is down 35%. And then it goes all the way down to just about a total wipe out there with SB&Y. That's Signature Bank. That's down almost 100%. We're going to round that.

And then let's take a look at the meme stock trade. We did have some motion in a lot of these stocks. Gamestop up 25%. Coinbase up 90%. That's kind of the bitcoin trade. So interesting to see how all of this fit together.

And then some of the-- some of the-- well, I don't want to call them losers here. I did want to check out the pharmaceutical trade because that was also mixed. Did well last year, and you can see more red than green here. Seana.

SEANA SMITH: Yeah, certainly some of those bigger names-- Pfizer up just about 20%. All right. Jared, thanks so much.