Stocks rallied on Wednesday as investor nerves appeared to settle as a surprisingly strong first quarter for the stock market nears its conclusion on Friday.
The end of an eventful first quarter approaches as markets remain resilient while absorbing stresses in the banking sector. However, NewEdge Advisors CIO Cameron Dawson noting that while equity resilience is being held up by a handful of names, under the surface lies “some deterioration in the broader subset of the S&P.” “Only about 40% of the names within the S&P 500 are trading above their 200-day moving average,” says Dawson. Apart from “a little bit more of a shaky ground underneath the market,” Dawson notes another thing for investors to keep in mind is the upcoming earnings season. Even though banking sector turmoil sent markets into a frenzy earlier this month, Dawson says earnings estimates “have not been cut over the last three weeks,” despite market uncertainty. You can watch Yahoo Finance's Rachelle Akuffo's full interview with Cameron Dawson here. Key video moments:0:00:00 State of current market 0:00:26 Market outlook0:00:41 Earnings season
U.S. stocks wavered on Tuesday during midday trading, while bond yields continued to extend gains as investors monitored the latest developments in the banking sector after the sale of Silicon Valley Bank.